The focus on this academy is primarily the academic study of magic and its applications. But it is also the major school for any would-be wizard in or near Jolethai or the Seelon Principality. Their studies are mostly focused on abjuration, transformation, and divination, but most other is represented in one way or another. Even necromancy that, however, is mostly in order to protect against the undead.
The board selects the Chancellor who in turn is in charge of each faculty - run by the dean of that faculty. The dean, in turn, is elected by the members of the faculty - the board is elected by those investing in the academy.