In order to carry out its purposes, the Board may:
1. Make grants and disbursements from the Fund that support research efforts approved by the Board in accordance with the purposes of this chapter and pay expenditures from the Fund that are necessary to carry out the purposes of this chapter. The Board is not obligated to make annual or other periodic disbursements or expenditures;
2. Contract for the services of consultants to review research proposals and assist in the evaluation of the research efforts funded by the Board;
3. Contract for other professional services to assist the Board in the performance of its duties and responsibilities;
4. Accept, hold, administer, and solicit gifts, grants, bequests, contributions, or other assistance from federal agencies, the Commonwealth, or any other public or private source to carry out the purposes of this chapter;
5. Enter into any agreement or contract relating to the acceptance or use of any grant, assistance, or support provided by or to the Board or otherwise in furtherance of the purposes of this chapter;
6. Perform any lawful acts necessary or appropriate to carry out the purposes of the Board; and
7. Employ such staff as is necessary to perform the Board’s duties. The Board may determine the duties of such staff and fix the salaries and compensation of such staff, which shall be paid from the Fund. Such staff are employees of the Department of Accounts and are entitled to all benefits available to state employees as provided by law.