§101121 Second Century Endowment for the National Park Service

Summary

Creates a “Second Century Endowment” run by the National Park Foundation to support the National Park Service. Each fiscal year $10,000,000 from sales of Federal Recreational Lands Passes is put into the Endowment. The Endowment can also include gifts, bequests, and other donations. The Foundation must keep the money in an insured interest-bearing account or invest it as its board directs, and any interest or dividends go back into the Endowment. The money can be spent on projects the Secretary approves that help the Park Service. The Foundation must follow the District of Columbia Uniform Prudent Management of Institutional Funds Act (including its rules on spending). Federal Endowment money cannot pay the Foundation’s administrative costs, such as salaries, travel, or overhead. Starting 2 years after this law is passed, the Foundation must report yearly on deposits, the year-end balance, and how Endowment funds were spent.