(a) The institute shall be under the direction and supervision of a board of directors to be composed of four members appointed by the chancellor of the University System of Georgia, who shall be presidents of university system institutions, three members appointed by the Speaker of the House of Representatives, three members appointed by the President of the Senate, and three members appointed by the Governor. There shall be a director of the institute who shall be appointed and removed by the board of directors upon recommendation by the Governor. The institute shall set the salary of the director.

(b) Members of the institute shall not be entitled to compensation for the duties they perform as members of the institute. Each member shall, however, be entitled to reimbursement for travel and other necessary expenses incurred in the performance of official duties.

(c) The director shall have the following powers and duties:

(1) To maintain such offices within the state as the director and institute may deem necessary;

(2) To appoint assistants, clerks, and other employees as the director may deem necessary and to fix their compensation;

(3) To cooperate with individuals and with state, local, and other agencies, both public and private, and to obtain upon request and utilize the services of all governmental departments and agencies;

(4) To accept gifts, bequests, grants, or other public or private payments on behalf of the state and to pay such moneys into the state treasury;

(5) To furnish technical advice and assistance with respect to community economic development to further the purposes of this chapter;

(6) To render annual written reports to the Governor and the General Assembly. The reports may contain recommendations of the director for legislative or other action to effectuate the purposes of this chapter;

(7) To act as a liaison between community based groups, small and minority businesses, government agencies, community development corporations, and the private sector; and

(8) To require from any state agency or department such reports and information at such times as the director may deem reasonably necessary to carry out the purposes of this chapter.