The Board for Financing Water Projects (Board) reviews and decides requests for grants for capital improvements to publicly-owned, water systems submitted under the Grant Program and amends and adopts regulations for the program (NRS 349.980, et seq.). The Board also approves an annual ranking of water systems which need funding and decides requests for loans for water system construction under the State Revolving Loan Fund (NRS 445A.200 et seq.).

In addition to the these activities, the Board decides on grants for water conservation projects and grants to eligible recipients for connecting individuals or systems formerly on private wells to a municipal water system, if the quality of the water of the well fails to comply with the standards of the Safe Drinking Water Act or in cases where the groundwater is being depleted (basins "designated" by the State Engineer).