The coordinating board for higher education shall be authorized to:
(1) Serve as the official state agency to plan for, define and recommend policies concerning the allocation of federal funds where such funds, according to provisions of federal legislation, are to be received and allocated through an official state agency;
(2) Apply for, receive, and utilize funds which may be available from private nonprofit foundations and from federal sources for research on higher education needs and problems in the state;
(3) Subcontract for research and planning services from individuals, colleges or universities, or nonprofit corporations.