(1) Utah Tech University may form a nonprofit corporation or foundation controlled by the president of the university and the board to aid and assist the university in attaining the university's charitable, communications, and other related educational objectives, including:
(a) support for media innovation;
(b) film festivals;
(c) film production;
(d) print media;
(e) broadcasting;
(f) television; and
(g) digital media.
(2) The nonprofit corporation or foundation may receive and administer legislative appropriations, government grants, contracts, and private gifts to carry out the nonprofit corporation's public purposes.