13:1L-8.5 Powers, funds, New Jersey State Parks and Open Space Foundation.
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/nj/title-13/chapter-1l/13-1l-8-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
5. a. The New Jersey State Parks and Open Space Foundation shall have the following powers, in particular:
(1)to solicit and accept monetary donations, gifts, grants, devises, bequests, legacies, endowments, personal property, or services from any public or private sources, and, unless otherwise specified by the person making such a donation, gift, grant, devise, legacy, bequest, or endowment, to invest or reinvest the same in whole or in part in accordance with the provisions of subsection c. of this section; and
(2)to apply all moneys, assets, property, or other things of value it may receive incident to its operation or pursuant to the general purposes of the foundation.
b.
(1)All funds received by the foundation, other than those necessary to pay for the expenses of the foundation, shall be used exclusively for:
(a)improvements to natural or artificial assets, including the planning, design, construction, installation, renovation, repair, or restoration thereof, which are designed to expand and enhance the utilization of State parks and open space, and county and municipal parks and open space, for recreation and conservation purposes and the equitable access thereto; and
(b)activities, beyond the routine operations of State parks and open space, or county and municipal parks and open space, which are intended to enhance public programming and recreational and educational offerings, restore or maintain public accessibility to the natural resources of the State, or support operation and maintenance activities attendant thereto.
(2)The foundation shall develop an open and transparent process governing the solicitation of funding and the method by which funding shall be made available to the department for the purposes set forth in this act. The process shall ensure that any attribution or recognition for a donation is minimal and equal regardless of the size of a donation. Except as otherwise provided in subsection k. of section 3 of this act, all funding shall be made available to the department for use, consistent with paragraph
(1)of this subsection, in the areas of greatest need, as determined by the department in its sole discretion.
c. All monetary donations or other financial contributions received by the foundation shall be invested and reinvested by the foundation in such obligations, securities, or other permitted investments as the board shall deem prudent, to the same extent that trust funds in the custody of the State Treasurer are invested and reinvested, and in a manner that is consistent with the purposes and provisions of this act and with other State and federal law. All interest or other income or earnings derived from the investment or reinvestment of moneys by the foundation shall be credited to the foundation to be used in accordance with the provisions of this act.
L.2023, c.256, s.5.