1. (1) The institute board shall appoint and determine compensation for a chair of the investment committee.

2. (2) The committee chair shall:

   1. (a) manage and execute the policies established by the institute board and the investment committee;
   2. (b) in consultation with the investment committee, manage qualified investments made by the Utah innovation fund;

   3. (c) annually submit to the institute:

      1. (i) a budget for the Utah innovation fund; and
      2. (ii) a financial plan for operations of the Utah innovation fund;
   4. (d) in accordance with generally accepted principles of fund accounting, establish a system to identify and account for Utah innovation fund assets;
   5. (e) maintain appropriate records of Utah innovation fund activities to enable auditors to conduct periodic audits as described in Section 53H-16-407; and
   6. (f) fulfill other duties as provided by the investment committee.

Renumbered and Amended by Chapter 8, 2025 Special Session 1