The duties and responsibilities of the Milk Promotion Board shall be prescribed in the authority for each milk promotion program and to the extent applicable shall include the following:
     a. To develop and direct the milk promotion program;
     b. To prepare and approve a budget consistent with estimated receipts and the scope of the milk promotion program;
     c. To formulate and execute assessment procedures, rates and methods of collection;
     d. To cause to have an annual audit of financial statements prepared and published by certified public accountants or entities who are authorized to engage in the practice of public accounting in Illinois;
     e. To employ personnel and contract for services which are necessary for the proper operation of the milk promotion program;
     f. To authorize the expenditure of funds and the contracting of expenditures to conduct proper activities of the program;
     g. To maintain all collected funds in milk promotion trust accounts in adequately protected financial institutions until such due time as when the board authorizes the use of said funds;
     h. To bond the treasurer and such other persons necessary to insure adequate protection of funds;
     i. To maintain a permanent record of its business proceedings;
     j. To maintain a permanent and detailed record of its financial dealings;
     k. To prepare reports as set forth in Section 16;
     l. To hold elections of members to the Milk Promotion Board and subsequent referenda as required by this Act;
     m. To hold meetings as necessary or as requested by producers to resolve problems, conflicts or complaints arising from the operation of the milk promotion program and to keep records of such proceedings as required by subsection i of this Section; and
     n. To perform such other duties which are necessary to the proper operation for the program.