(1) The commissioner shall appoint an executive director for the institute. (2) The executive director shall serve as the chair of the institute board as described in Section 53H-16-302. (3) The executive director shall: (a) manage the day-to-day operations of the institute and the Utah innovation fund; (b) execute the policies of the institute board; (c) oversee the investment and expenditure of funds; (d) oversee qualified investments made by the Utah innovation fund; (e) assess reasonable fees for management of assets in the Utah innovation fund for reasonable costs of the Utah innovation 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 Utah innovation fund; and (j) execute other duties as assigned by the institute board. (4) 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. Renumbered and Amended by Chapter 8, 2025 Special Session 1
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