1. (1) The commissioner shall appoint an executive director for the institute.
2. (2) The executive director shall serve as the chair of the institute board as described in Section 53H-16-302.

3. (3) The executive director shall:

   1. (a) manage the day-to-day operations of the institute and the Utah innovation fund;
   2. (b) execute the policies of the institute board;
   3. (c) oversee the investment and expenditure of funds;
   4. (d) oversee qualified investments made by the Utah innovation fund;
   5. (e) assess reasonable fees for management of assets in the Utah innovation fund for reasonable costs of the Utah innovation fund;
   6. (f) consult with the institute board regarding policies and direction of the institute;
   7. (g) prepare an operating budget for the institute and submit the operating budget to the Utah Board of Higher Education for approval;
   8. (h) adopt a budget submitted by the chair of the investment committee;
   9. (i) establish job descriptions and, within budgetary constraints, employ staff necessary to accomplish the purposes of the institute and Utah innovation fund; and
   10. (j) execute other duties as assigned by the institute board.

4. (4) The executive director may:

   1. (a) hire and supervise necessary staff for the institute;
   2. (b) manage contracts and collaborations with consultants; and
   3. (c) enter into contracts on behalf of the institute.

Renumbered and Amended by Chapter 8, 2025 Special Session 1