The executive committee shall:
(1) coordinate the provision of funding to the health-related institutions of higher education listed in Section 113.0052(1) to carry out the purposes of this chapter;
(2) establish procedures and policies for the administration of funds under this chapter;
(3) monitor funding and agreements entered into under this chapter to ensure recipients of funding comply with the terms and conditions of the funding and agreements; and
(4) establish procedures to document compliance by executive committee members and staff with applicable laws governing conflicts of interest.