(1) Establishing an investment policy for the selection of a fund administrator;
(2) Selecting a fund administrator to administer the provisions of this article;
(3) Giving final approval to allocations of designated capital to the venture capital funds selected by the fund administrator;
(4) Executing and overseeing the contracts of the fund administrator in order to assure compliance with this article; and
(5) Establishing a policy with respect to use of capital and profits returned to the state pursuant to the provisions of Code Section 10-10-19.