U.S Code last checked for updates: Jul 19, 2024
National Fund for Excellence in American Indian Education
(a)
In general
(b)
Perpetual existence
(c)
Nature of corporation
(d)
Place of incorporation and domicile
(e)
Purposes
The purposes of the Foundation shall be—
(1)
to encourage, accept, and administer private gifts of real and personal property or any income therefrom or other interest therein for the benefit of, or in support of, the mission of the Office of Indian Education Programs of the Bureau of Indian Affairs (or its successor office);
(2)
to undertake and conduct such other activities as will further the educational opportunities of American Indians who attend a Bureau funded school; and
(3)
to participate with, and otherwise assist, Federal, State, and tribal governments, agencies, entities, and individuals in undertaking and conducting activities that will further the educational opportunities of American Indians attending Bureau funded schools.
(f)
Board of Directors
(1)
In general
(2)
Selection
(3)
Qualification
(4)
Compensation
(g)
Officers
(1)
In general
(2)
Secretary of Foundation
(3)
Election
(h)
Powers
The Foundation—
(1)
shall adopt a constitution and bylaws for the management of its property and the regulation of its affairs, which may be amended;
(2)
may adopt and alter a corporate seal;
(3)
may make contracts, subject to the limitations of this chapter;
(4)
may acquire (through a gift or otherwise), own, lease, encumber, and transfer real or personal property as necessary or convenient to carry out the purposes of the Foundation;
(5)
may sue and be sued; and
(6)
may perform any other act necessary and proper to carry out the purposes of the Foundation.
(i)
Principal office
(j)
Service of process
(k)
Liability of officers and agents
(l)
Restrictions
(1)
Limitation on spending
Beginning with the fiscal year following the first full fiscal year during which the Foundation is in operation, the administrative costs of the Foundation may not exceed 10 percent of the sum of—
(A)
the amounts transferred to the Foundation under subsection (m) of this section during the preceding fiscal year; and
(B)
donations received from private sources during the preceding fiscal year.
(2)
Appointment and hiring
(3)
Status
(m)
Transfer of donated funds
(n)
Audits
(Pub. L. 93–638, title VIII, § 801, formerly title V, § 501, as added Pub. L. 106–568, title XIII, § 1302, Dec. 27, 2000, 114 Stat. 2936; amended Pub. L. 108–267, § 1(a),(b)(2), July 2, 2004, 118 Stat. 797; renumbered title VIII, § 801, Pub. L. 111–211, title II, § 231(d)(1), (2), July 29, 2010, 124 Stat. 2278.)
cite as: 25 USC 5421