The Director of the Piedmont Triad Research Institute shall report directly to the board of directors of the Institute. The Director shall administer the Institute's funds from three primary sources for the general operation of the Institute and the fourth for the operation of the Piedmont Triad Graduate Engineering Program established by G.S. 116-252. These sources of funds are as follows:
(1) Funds from external research funding agencies such as the National Science Foundation and the National Institutes of Health;
(2) Funds from industries in support of specific research projects;
(3) Funds from block grants from foundations and chambers of commerce; and
(4) Funds appropriated to the Institute from the State in support of the Piedmont Triad Graduate Engineering Program established by G.S. 116-252.