PUBLIC LAW 101-610—NOV. 16, 1990 104 STAT. 3181 (2) to identify successful and promising community service projects and initiatives, and to disseminate information concerning such projects and initiatives to other communities in order to promote their adoption nationwide; and (3) to discover and encourage new leaders and develop individuals and institutions that serve as strong examples of a commitment to serving others and to convince all Americans that a successful life includes serving others. SEC. 303. AUTHORITY. 42 USC 12662. (a) IN GENERAL. —The President is authorized to designate a private, nonprofit organization (hereinafter referred to in this title as the Foundation) to receive funds pursuant to section 501(b), upon the determination of the President that such organization is capable of carrying out the undertakings described in section 302. Any such designation by the President shall be revocable. (b) CONSTRUCTION.— Nothing in this Act shall be construed either— (1) to cause the Foundation to be deemed an agency, establishment, or instrumentality of the United States Government; or (2) to cause the directors, officers or employees of the Foundation to be deemed officers or employees of the United States. SEC. 304. GRANTS TO THE FOUNDATION. 42 USC 12663. (a) IN GENERAL.—Funds made available pursuant to sections 303 and 501(b) shall be granted to the Foundation by a department or agency in the executive branch of the United States Government designated by the President— (1) to assist the Foundation in carrying out the undertakings described in section 302; and (2) for the administrative expenses of the Foundation. 0)) INTEREST EARNED ON ACCOUNTS.— Notwithstanding any other provision of law, the Foundation may hold funds granted to it pursuant to this title in interest-bearing accounts, prior to the d^bursement of such funds for purposes specified in subsection (a), and may retain for such purposes any interest earned on such deposits without returning such interest to the Treasun^ of the United States and without further appropriation by the Congress. SEC. 305. ELIGIBILITY OF THE FOUNDATION FOR GRANTS. 42 USC 12664. (a) CoMPUANCE. — Grants may be made to the Foundation pursuant to this title only if the Foundation agrees to comply with the requirements of this title. If the Foundation fails to comply with the requirements of this title, additional funds shall not be released until the Foundation brings itself into compliance with such requirements. Ob) AcnviTiES. —The Foundation may use funds provided under this title only for activities and programs consistent with the purposes described in sections 302 and 304. (c) LIMITATION.— The Foundation shall not issue any shares of stock or declare or pay any dividends. (d) COMPENSATION. — No part of the funds available to the Foundation shall inure to the benefit of any board member, officer, or employee of the Foundation, except as salary or reasonable compensation for services or expenses. Compensation for board members shall be limited to reimbursement for reasonable costs of travel and expenses. 39-194O-91-28:QL3Part4
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