§ 10.1-2138. Powers and duties of Foundation
A. The Foundation for Virginia's Natural Resources shall promote environmental education, pollution prevention, and citizen monitoring by fostering and supporting collaborative efforts among businesses, citizens, communities, local governments, and state agencies.
B. The Foundation shall develop goals and guidelines for submittal and evaluation of grant applications for funds from the Foundation for Virginia's Natural Resources Trust Fund that are consistent with the goals set out in subsection A and that may include, but not be limited to, cooperative programs with, or project grants to, localities, state agencies, the federal government, soil and water conservation districts, or any not-for-profit agency, institution, organization, or entity, public or private, whose purpose is to provide environmental education, pollution prevention, or citizen monitoring.
C. The Foundation shall have the following general powers:
1. To sue and be sued in contractual matters in its own name;
2. To accept, hold, and administer gifts and bequests of money, securities, or other property from any source, absolutely or in trust, for the purposes for which the Foundation is created. Unless otherwise restricted by the terms of the gift or bequest, the Foundation is authorized to sell, exchange, or otherwise dispose of and to invest or reinvest in such investments as it may determine the moneys, securities, or other property given or bequeathed to it. The principal of such funds, together with the income therefrom and all other revenues, shall be placed in such depositories as the Foundation shall determine and shall constitute a special fund and be subject to expenditure by the Foundation without further appropriation. The Foundation shall not engage in any business except in the furtherance of its objectives;
3. To enter into contracts generally and to execute all instruments necessary or appropriate to carry out its purposes;
4. To appoint and prescribe the duties of such officers, agents, and employees as may be necessary to carry out its functions, and to fix and pay such compensation to them for their services as the Foundation may determine;
5. To conduct fundraising events and activities as deemed appropriate by the Board; and
6. To perform any lawful acts necessary or appropriate to carry out the purposes of the Foundation.
(2005, c. 351.)
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