(1) The board shall expend the proceeds of the assessment solely to finance a program of research, education, market development, marketing, advertising and other methods designed to promote the increased consumption, production, use and sale of soybean and soybean products. The board may accept gifts and grants, and shall invest its idle funds.
(2) The board shall not expend its funds in any manner for political purposes, or to influence any rule-making process, either state or federal. The board shall submit the minutes of all meetings and an annual detailed financial statement to the commissioner, the clerk of the house of representatives, the clerk of the senate and the state library and archives. The annual report shall include, but not be limited to, a list of all grantees of funds and a status report of all grants, indicating utilization of grant funds in compliance with this section.