(2) Separate accounts must be established by the foundation for the direct investment pool. The board of directors of the foundation shall endeavor to maintain the resources dedicated to direct investment activities as a self-supporting pool once the pool and the overall fund have been sufficiently capitalized as reflected in the annual report;

(3) The foundation shall limit its direct investment activities to qualified securities in private enterprises or public or private laboratories in this State. Qualified securities include loans, royalty agreements or any other contractual arrangement allowed by law between the foundation and a federal, state, county or municipal agency, or any individual, corporation, enterprise, association or other entity involving technology development; and

(4) The foundation shall, from time to time, release a program solicitation that describes eligible activities and eligible organizations. All proposal and review criteria, procedures and schedules must be included in the program solicitation.

4. Guidelines. The board of directors of the foundation shall establish guidelines for:

A. The amounts of the revenues generated by the investment of money contained in the fund that may be used to pay the foundation's operating expenses associated with the operation of the fund. The operating expenses may not exceed the indirect cost rate negotiated between the foundation and its cognizant federal agency; and

B. Cash and in-kind match requirements based on the activities to be supported with the fund. The foundation shall strive to achieve a minimum match of 1:1, on an annual basis, for matching grant activities supported under the fund.