Section 1B. The board of trustees may fix the amount of student activity fee to be paid by each student at any of the state universities. All receipts from student activities shall be retained by the president of the state university in a revolving fund or revolving funds, and shall be expended as the president of the state university may direct in furthering the activities from which the fees and receipts were derived; provided that the foregoing shall not authorize any action in contravention of the requirements of section one of Article LXIII of the amendments to the Constitution. Such a fund shall be subject to an audit by the state auditor, in accordance with generally accepted government auditing standards, as often as the state auditor determines is necessary.