The board of trustees may do each of the following:
(1) Seek and accept donations, bequests, and other forms of financial assistance from any public or private sector person, foundation, or agency and comply with rules and regulations governing grants from the federal government or from any other person, foundation, or agency, which are not in contravention of the state constitution. Fund-raising shall be under the purview of the board of trustees and the president. Expenditures of contributions shall be consistent with the desires of the donor where applicable and the needs of the institute as mutually agreed upon between the board and the president. The Chancellor shall be consulted relative to the expenditure of significant endowment funds especially with respect to capital projects.
(2) Oversee endowed funds to include establishment of policy and selection of fund managers.
(3) Recommend the adoption, amendment, and repeal of policies to ensure the good order and discipline of the institute.
(4) Ensure the security and preservation of all artifacts and archives of the institute.