Except as otherwise limited by this Act, the Board shall have all powers necessary to meet its responsibilities and to carry out its purposes, including but not limited to the following powers:
     (a) to sue and be sued;
     (b) to enter into loans, contracts, agreements and leases in any matter connected with any of its corporate purposes and to invest its funds;
     (c) to employ agents and employees and independent contractors necessary to carry out its purposes and to fix their compensation, benefits and terms and conditions of their employment;
     (d) to have and use a common seal and to alter the same at pleasure;
     (e) to adopt all necessary ordinances, resolutions, by-laws, rules and regulations for the conduct of its business and affairs;
     (f) to exclusively control and manage the Alliance and all monies denoted, paid or appropriated for the relief or benefit of small and medium size Illinois manufacturers;
     (g) to establish and operate programs consistent with or permitted by this Act for the benefit of small and medium size Illinois manufacturers;
     (h) to undertake studies with respect to technological modernization of small and medium size manufacturers;
     (i) to provide financial assistance to individual small or medium size manufacturers pursuant to the provisions of this Act;
     (j) to produce and disseminate reports on appropriate applications in small or medium size manufacturing settings of specific kinds of commercially available machinery and equipment;
     (k) to organize and operate educational seminars and trade shows pertaining to commercially available manufacturing technologies that are suitable for small or medium size firms;
     (l) to support and promote from time to time the transfer of new and innovative technologies developed by Illinois-based institutions and companies to small and medium size Illinois manufacturers where such technologies have immediate commercial applications;
     (m) to organize, develop and maintain a data base on all businesses within each industry that is served or is designated to be served by the Alliance;
     (n) to monitor, review and evaluate annually the programs of the Alliance and to make recommendations to the Governor and the General Assembly regarding changes to this Act or other Acts to make improvements in the programs operated by the Alliance;
     (o) to cause an annual audit of the accounts of the Alliance to be conducted pursuant to Section 14 of this Act. A copy of such audit shall be provided to the Auditor General if performed by persons other than the Auditor General. The Auditor General shall review all audits submitted and make such other investigations and audits when he deems necessary;
     (p) to prepare and submit a budget and request for appropriations for the necessary and contingent operating expenses of the Alliance;
     (q) to encourage participation in the programs sponsored by the Alliance by means of advertising, incentives and other marketing devices with special attention to geographic areas with high concentrations of businesses within designated industries;
     (r) to accept appropriations, grants and funds from the federal and State governments and any agency thereof and expend these monies in accordance with, and in furtherance of, the purposes of this Act;
     (s) to enter into intergovernmental agreements with other governmental entities;
     (t) to issue an annual report and financial statement to the Governor, the President of the Senate, the Senate Minority Leader, the Speaker of the House of Representatives, the House Minority Leader, Alliance Partners and to the public on its activities for the previous year. Such annual report shall include measurement results testing the efficacy of programs operated by the Alliance; and
     (u) to have and exercise all powers and be subject to all duties usually incident to boards of directors of corporations.