§ 53H-16-304 — Executive director appointment -- Duties and powers.

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

Legislative History

Renumbered and Amended by Chapter 8, 2025 Special Session 1