54 U.S.C. § 101121 — Second Century Endowment for the National Park Service

(a) Second Century Endowment. The National Park Foundation must create a special account called the "Second Century Endowment for the National Park Service^*." This furthers the mission of the National Park Service.

(1) Funds for the endowment. Four rules control what goes into the Endowment. (A) Every fiscal year, $10,000,000 from money the United States collects from selling Federal Recreational Lands Passes must be deposited into the Endowment. (B) The Endowment also includes any gifts, devises, or bequests — money left through a will or given as a gift — that people give to the Foundation specifically for the Endowment. (C) The Foundation must put money it receives for the Endowment into a federally insured, interest-bearing account, or the Board of Directors may choose to invest it in appropriate security obligations instead. (D) Any interest or dividends the Endowment earns get added to the principal and become part of the Endowment.

(2) Use of funds. (A) Except as explained in (B), the Foundation can use Endowment money as offsetting collections — meaning the money can be spent without needing a new appropriation — for projects and activities that the Secretary^* has approved and that further the Park Service's mission. (B) Money that comes from private gifts, devises, or bequests under paragraph (1)(A), plus any interest or dividends earned on it, can also be used by the Foundation for Secretary-approved projects that further the Service's mission. (C) Each year, the Foundation must manage the Endowment following the District of Columbia Uniform Prudent Management of Institutional Funds Act of 2007, including its rules about how much can be spent. (D) None of the federal money deposited into the Endowment can be used to pay the Foundation's own administrative expenses — that includes salaries, travel and transportation costs, and other overhead.

(b) Summary. Starting two years after this section became law, the Foundation must include a summary of the Endowment's status in its annual report. That summary must state: (1) how much money was deposited into the Endowment during the fiscal year; (2) the Endowment's balance at the end of the fiscal year; and (3) how much was spent from the Endowment during the year and what it was spent on.