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.