The management of the NSIIC shall be vested in the Board of Directors. The Board shall have the following powers and duties:

Be responsible for the general supervision of the NSIIC;

Review any grant or contract agreement to be made or entered into by the NSIIC and any financial assistance provided to the NSIIC;

Make the final decision, by majority vote, on whether or not to provide grants to an eligible entity in accordance with the strategic plan;

Develop and establish a budget plan and long-term operating plan to carry out the goals of the NSIIC;

Adopt, and amend as appropriate, bylaws as necessary for the proper management and functioning of the NSIIC;

Provide a system of organization to fix responsibility and promote efficiency in carrying out the functions of the NSIIC;

Appoint and establish compensation for an executive director, who will serve at the pleasure of the Board, to be the chief executive officer of the NSIIC;

Appoint other officers, attorneys, employees, and agents as necessary and set forth their respective duties and powers;

Delegate, by resolution, to the chairperson, the executive director, or any other officer or employee any function, power, or duty of the Board—other than voting on a grant, contract, agreement, budget, or annual strategic plan; and

Consult with the following entities to carry out this part:

State departments of agriculture;

Federal departments and agencies;

Nonprofit development corporations;

Colleges and universities;

Banking and other credit-related agencies;

Agriculture and agribusiness organizations, and

Regional planning and development organizations.