§101121 Second Century Endowment for the National Park Service

Summary

Creates a special account called the "Second Century Endowment for the National Park Service" that the National Park Foundation will run to support the Park Service. Each fiscal year, $10,000,000 from the U.S. share of sales of Federal Recreational Lands Passes (under section 805(b)(1) of the Federal Lands Recreational Enhancement Act) must be put into the Endowment. The Endowment can also include gifts, devises, or bequests given to the Foundation for this purpose. The Foundation must keep the money in a federally insured interest-bearing account or invest it in appropriate securities as the Board decides. Any interest or dividends must be added back into the Endowment principal. The Foundation may use Endowment funds for projects and activities that the Secretary approves and that further the Park Service’s mission, and it must follow the District of Columbia Uniform Prudent Management of Institutional Funds Act of 2007 (D.C. Code § 44–1631 et seq.), including section 44–1633 about spending. Federal money in the Endowment cannot be used for the Foundation’s administrative costs, such as salaries, travel, or other overhead. Starting 2 years after this provision became law, the Foundation must include in its yearly report a short summary of the Endowment. The summary must list how much was deposited that fiscal year, the Endowment balance at year end, and a description of what money was spent and why.