§101121 Second Century Endowment for the National Park Service

Summary

The National Park Foundation must create a special account called the Second Century Endowment for the National Park Service. Each year $10,000,000 from sales of Federal Recreational Lands Passes under section 805(b)(1) of the Federal Lands Recreational Enhancement Act will go into the endowment. The endowment can also include gifts, wills, or bequests given for that purpose. The Foundation must keep the money in a federally insured interest-bearing account or invest it as the Board of Directors decides. Any interest or dividends go back into the endowment. The money can be used by the Foundation for projects and activities approved by the Secretary that help the Park Service. The Foundation must follow the D.C. Uniform Prudent Management of Institutional Funds Act (including section 44–1633) when spending. Federal money in the endowment cannot pay the Foundation’s administrative costs, like salaries, travel, or overhead. Starting two years after this law is passed, the Foundation must add to its annual report a short summary showing what was put into the endowment that year, the year-end balance, and what was spent and why.