A. The Board shall have the power and duty to:
1. Undertake studies and gather information and data in order to accomplish its purposes as set forth in § 30-281.1, and to formulate and present its recommendations to the Governor and the General Assembly;
2. Apply for, accept, and expend gifts, grants, or donations from public, quasi-public, or private sources, including any matching funds as may be designated in the appropriation act, to enable it to better carry out its purposes;
3. Report annually its findings and recommendations to the Governor and the General Assembly. The Board may make interim reports to the Governor and the General Assembly as it deems advisable; and
4. Account annually on its fiscal activities, including any matching funds received or expended by the Board.
B. In addition, the Board shall meet with the Governor at least annually to (i) provide a review of the Board's economic and cultural development activity and (ii) assist in planning an economic development and cultural exchange mission to Israel.