The Governor shall designate one of the members representing the elementary or secondary schools to convene the organizational meeting of the authority and to serve as its temporary chairperson. At that meeting and annually thereafter, the authority shall elect one of its members as chairperson and another member as vice-chairperson. It may appoint an executive director and assistant executive director, who shall not be members of the authority but who shall serve at the pleasure of the authority. An assistant executive director shall perform the duties of the executive director in the event of the absence or inability to act of the executive director. The executive director and the assistant executive director shall receive compensation as fixed by the authority. The authority may receive contributions to fund any of its expenses from private donors, including any one or more of the elementary or secondary schools or an association representing the elementary or secondary schools.