22 U.S.C. § 290h–4 — Powers of Foundation

(a) General provisions: As a corporation, the Foundation: (1) can exist indefinitely unless Congress dissolves it; (2) can sue and be sued in its own corporate name; (3) can adopt, change, and use a seal; (4) can write, change, and repeal rules needed to carry out its functions; (5) can make contracts with any person or private or public entity, anywhere, needed to carry out its functions; (6) decides how it takes on debts and pays expenses, including up to $10,000 a year for representation costs; (7) can employ and set pay for up to a capped number of people at a time — 25 during fiscal year 1981, 50 during fiscal year 1982, and 75 after that; (8) can lease, buy, or otherwise acquire, own, hold, improve, use, and dispose of property, anywhere, as needed for its functions; (9) can accept gifts or donations of services or property, tangible or intangible, that further its purposes; (10) can use the U.S. mail on the same terms as federal executive departments; (11) can, with an agency's consent, use that agency's information, services, facilities, and personnel; and (12) has whatever other powers are needed to carry out its work. (b) Nonprofit status and conflicts of interest: The Foundation is a nonprofit corporation with no capital stock. None of its revenue, earnings, or other income or property can benefit any director, officer, or employee personally; it must all go toward the Foundation's purposes. No director, officer, or employee may take part, directly or indirectly, in deciding any matter that affects their own personal interests, or the interests of a company, partnership, or organization they're connected to. (c) Tax exemption: The Foundation — including its franchise and income — is exempt from any tax now or later imposed by the United States, any U.S. territory or possession, or any state, county, municipality, or local taxing authority. (d) Ending the Foundation: If the Foundation's corporate life ends, its assets are liquidated and, unless Congress says otherwise, transferred to the United States Treasury.