The Board of Governors elects the President of the University, has general supervision of Wayne State University and the control and direction of all expenditures from University funds. It enacts bylaws and regulations for the conduct of its business and for the governance of the University. It sets tuition and policy for other fees and charges, determines the compensation to be paid for service; confers degrees and sets the policy for management of gifts, grants, bequests, agreements and contracts, and leases or disposes of property.