The Board shall have the power and duty to:
1. Advise the Governor regarding the development of economic, professional, cultural, educational, and governmental links between the Commonwealth and the LGBTQ+ community in Virginia.
2. Undertake studies, sponsor symposiums, conduct research, and prepare factual reports in order to gather information to formulate and present recommendations to the Governor relating to issues of concern and importance to the LGBTQ+ community in the Commonwealth.
3. Advise the Governor as needed regarding any statutory, regulatory, or other issues of importance to the LGBTQ+ community in the Commonwealth.
4. Apply for, accept, and expend gifts, grants, or donations from public, quasi-public, or private sources, including any matching funds as may be designated in an appropriation act, to enable it to better carry out its objectives.
5. Submit an annual report to the Governor and the General Assembly for publication as a report document as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents and reports.