(3) The assets and liabilities of the fund at the end of its most recent fiscal year; and

(4) The operations, costs and net income or loss of the direct investment pool as described in subsection 3 and federal and nonstate matching funds;

G. Owning intellectual property, licensing intellectual property, and negotiating for and collecting royalty rights or otherwise realizing a return on investment made under the fund and all programs of the foundation when appropriate in order to promote the interests and investments of the State in furthering science and technology; and

H. Protecting all proprietary information contained in proposals, contracts and grants or any other legal agreement only when such information is likely to involve patentable material that loses its protectable nature when presented in a public forum.

3. Authorized activities. The board of directors of the foundation shall allocate the resources of the fund to, and has the power to transfer resources between may undertake the following activities:

A. Matching grants activities, including, but not limited to, federal, private and foundation awards for technology extension, science and technology development and technology commercialization activities that require state funding matches and are considered consistent with the purposes of the fund. Focus areas for investment include, but are not limited to: marine sciences and technologies; environmental sciences, technologies and engineering; sensor and materials sciences and technologies; wood science and engineering; genetics and immunology; and metals and electronics; and targeted technologies as defined in chapter 407.

B. Direct investment activities that demonstrate and develop effective approaches to commercially oriented science and technology development and commercialization efforts conducted collaboratively among the State Government, as represented by the fund, private enterprise, the Federal Government and private and public research institutions in accordance with the following: