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Code · BILL · 114th Congress · S. 2257 (Introduced in Senate) — To prepare the National Park Service for its Centennial in 2016 and for a second century of protecting our national p... · Sec. 502

Sec. 502. Second Century Endowment for the National Park Service

293 words·~1 min read·/bill/114/s/2257/is/section-502

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Chapter 1011 of title 54, United States Code, is amended by adding at the end the following: To further the mission of the Service, the National Park Foundation shall establish a special account to be known as the Second Century Endowment for the National Park Service (Endowment). The Endowment shall consist of any gifts, devises, or bequests that are provided to the National Park Foundation for such purpose. The National Park Foundation shall deposit any funds received for the Endowment in a federally insured interest-bearing account or may invest funds in appropriate security obligations, as directed by the Board of Directors.
Any accrued interest or dividends earned on funds received for the Endowment shall be added to the principal and form a part of the Endowment. The National Park Foundation shall use funds deposited in the Endowment for projects and activities approved by the Secretary that further the mission and purposes of the Service. Each fiscal year, the National Park Foundation may not expend from the Endowment more than 50 per centum of the funds received or added to the Endowment in that fiscal year in accordance with subparagraph (A).
No funds received for the Endowment shall be used by the National Park Foundation for administrative expenses of the Foundation, including for salaries, travel and transportation expenses, and other overhead expenses. Beginning two years after the enactment of this title, the National Park Foundation shall include, with its annual report, the status of the Endowment established by subsection (a), including— a statement of the amounts deposited in the Endowment and the balance remaining in the Endowment at the end of the fiscal year; and a description of the sums and purposes of the expenditures made from the Endowment for the fiscal year. .
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