53H-16-304. Executive director appointment -- Duties and powers.
(1) The commissioner shall appoint and determine compensation for an executive director for the institute.
(2) The executive director shall:
(a) manage the day-to-day operations of the institute and the Nucleus Fund;
(b) execute the policies of the institute board;
(c) oversee the investment and expenditure of funds;
(d) oversee qualified investments made by the Nucleus Fund;
(e) assess reasonable fees for management of assets in the Nucleus Fund for reasonable costs of the Nucleus Fund;
(f) consult with the institute board regarding policies and direction of the institute;
(g) prepare an operating budget for the institute and submit the operating budget to the Utah Board of Higher Education for approval;
(h) adopt a budget submitted by the chair of the investment committee;
(i) establish job descriptions and, within budgetary constraints, employ staff necessary to accomplish the purposes of the institute and the Nucleus Fund; and
(j) execute other duties as assigned by the institute board.
(3) The executive director may:
(a) hire and supervise necessary staff for the institute;
(b) manage contracts and collaborations with consultants; and
(c) enter into contracts on behalf of the institute.