text: SECTION 1. CENTENNIAL CHALLENGE PROGRAM.
  
      Title III of the National Aeronautics and Space Act of 1958 (42 
  U.S.C. 2451 et seq.), is amended by adding at the end the following:
  
  ``SEC. 316. AUTHORITY FOR COMPETITIVE PRIZE AWARD PROGRAM TO ENCOURAGE 
                DEVELOPMENT OF ADVANCED SPACE AND AERONAUTICAL 
                TECHNOLOGIES.
  
      ``(a) Program Authorized.--The Administrator may carry out a 
  program, known as the Centennial Challenge Program, to award prizes to 
  stimulate innovation in basic and applied research, technology 
  development, and prototype demonstration that have the potential for 
  application to the performance of the space and aeronautical activities 
  of the Administration.
      ``(b) Program Requirements.--
              ``(1) Competitive process.--Recipients of prizes under the 
          program under this section shall be selected through one or 
          more competitions conducted by the Administrator.
              ``(2) Advertisement of competitions.--The Administrator 
          shall widely advertise any competitions conducted under the 
          program.
      ``(c) Registration; Assumption of Risk.--
              ``(1) Registration.--Each potential recipient of a prize in 
          a competition under the program under this section shall 
          register for the competition.
              ``(2) Assumption of risk.--In registering for a competition 
          under paragraph (1), a potential recipient of a prize shall 
          assume any and all risks, and waive claims against the United 
          States Government and its related entities (including 
          contractors and subcontractors at any tier, suppliers, users, 
          customers, cooperating parties, grantees, investigators, and 
          detailees), for any injury, death, damage, or loss of property, 
          revenue, or profits, whether direct, indirect, or 
          consequential, arising from participation in the competition, 
          whether such injury, death, damage, or loss arises through 
          negligence or otherwise, except in the case of willful 
          misconduct.
      ``(d) Budgeting and Awarding of Funds.--
              ``(1) Availability of funds.--Any funds appropriated to 
          carry out this section shall remain available until expended, 
          but for not more than 4 fiscal years.
              ``(2) Deposit and withdrawal of funds.--When a prize is 
          offered, the total amount of funding made available for that 
          prize shall be deposited in the Centennial Challenge Trust 
          Fund. If funding expires before a prize is awarded, the 
          Administrator shall deposit additional funds in the account to 
          ensure the availability of funding for all prizes. If a prize 
          competition expires before its goals are met, the Administrator 
          may redesignate those funds for a new challenge, but any 
          redesignated funds will be considered as newly deposited for 
          the purposes of paragraph (3). All cash awards made under this 
          section shall be paid from that account.
              ``(3) Overall limit.--The Administrator may not deposit 
          more than $25,000,000 annually in the Centennial Challenge 
          Trust Fund.
              ``(4) Maximum prize.--No competition under the program may 
          result in the award of more than $1,000,000 in cash prizes 
          without the approval of the Administrator.
      ``(e) Relationship to Other Authority.--The Administrator may 
  exercise the authority in this section in conjunction with or in 
  addition to any other authority of the Administrator to acquire, 
  support, or stimulate basic and applied research, technology 
  development, or prototype demonstration projects.''.
  
  SEC. 2. NATIONAL AERONAUTICS AND SPACE FOUNDATION.
  
      Title III of the National Aeronautics and Space Act of 1958 (42 
  U.S.C. 2451 et seq.), as amended by section 1, is amended by adding at 
  the end the following:
  
  ``SEC. 317. NATIONAL AERONAUTICS AND SPACE FOUNDATION.
  
      ``(a) In General.--There is established a charitable and nonprofit 
  corporation to be known as the National Aeronautics and Space 
  Foundation.
      ``(b) Purposes.--The purposes of the foundation are--
              ``(1) to encourage private gifts of real and personal 
          property or any income therefrom or other interest therein for 
          the benefit of, or in connection with, NASA, its activities, or 
          its services; and
              ``(2) to further the public's knowledge of and inspiration 
          by the Earth, the Earth's atmosphere, space, and celestial 
          bodies in space, for current and future generations of 
          Americans.
      ``(c) Board of Directors.--
              ``(1) In general.--The Foundation shall be governed by a 
          board of directors of 6 individuals appointed by the 
          Administrator, in consultation with the chairman and ranking 
          member of the Senate Committee on Commerce, Science, and 
          Transportation and of the House of Representatives Committee on 
          Science. The Administrator shall designate 1 member to serve as 
          chair.
              ``(2) Term of office.--Each member shall serve for a term 
          of 6 years, except that of the members first appointed to the 
          board--
                      ``(A) 1 member shall be appointed for a term of 1 
                  year;
                      ``(B) 1 member shall be appointed for a term of 2 
                  years;
                      ``(C) 1 member shall be appointed for a term of 3 
                  years;
                      ``(D) 1 member shall be appointed for a term of 4 
                  years;
                      ``(E) 1 member shall be appointed for a term of 5 
                  years; and
                      ``(F) 1 member shall be appointed for a term of 6 
                  years.
              ``(3) Vacancies.--An individual appointed to fill a vacancy 
          occurring other than by the expiration of a term shall be 
          appointed for the remainder of the term of the former member 
          the individual succeeds.
              ``(4) Status.--Membership on the Board shall not be deemed 
          to be an office within the meaning of the statutes of the 
          United States.
              ``(5) Administrator to serve ex officio.--The Administrator 
          shall be a member of the board ex officio but without the right 
          to vote.
              ``(6) By-laws.--Upon the appointment and qualification of 
          all members of the board, the board may by majority vote adopt 
          by-laws, adopt an official seal (which shall be judicially 
          recognized), and establish a schedule for meetings and a 
          mechanism for calling non-scheduled meetings. Except as 
          provided in the preceding sentence and unless modified by the 
          Board--
                      ``(A) a majority of the members serving shall 
                  consitute a quorum; and
                      ``(B) the board shall meet at least once each year 
                  and at the call of the chair.
              ``(7) Compensation and expenses.--No compensation shall be 
          paid to the members of the Board for their services as members, 
          but they shall be reimbursed for actual and necessary traveling 
          and subsistence expenses incurred by them in the performance of 
          their duties as such members out of Foundation funds available 
          to the Board for such purposes.
      ``(d) Powers and Duties.--
              ``(1) In general.--Except as otherwise provided in this 
          section, the Foundation shall have the powers of, and be 
          subject to the limitations of, a charitable and nonprofit 
          corporation provided under the laws of the State (or the 
          District of Columbia) in which it is incorporated.
              ``(2) Perpetual succession; member liability.--The 
          Foundation shall have perpetual succession, with all the usual 
          powers and obligations of a corporation acting as a trustee, 
          including the power to sue and to be sued in its own name, but 
          the members of the Board shall not be personally liable, except 
          for malfeasance.
              ``(3) Contracts; grants; other instruments.--The Foundation 
          shall have the power to enter into contracts or grants, to 
          execute instruments, and generally to do any and all lawful 
          acts necessary or appropriate to its purposes as approved by 
          the board.
              ``(4) Gifts; devises; bequests.--
                      ``(A) In general.--Except as provided in 
                  subparagraph (B), the Foundation may accept, receive, 
                  solicit, hold, administer, and use any gifts, devises, 
                  or bequests, either absolutely or in trust, of real or 
                  personal property or any income therefrom or other 
                  interest therein for the benefit of or in connection 
                  with, NASA, its activities, or its services, including 
                  a gift, devise, or bequest that is encumbered, 
                  restricted, or subject to beneficial interests of 
                  private persons if any current or future interest 
                  therein is for the benefit of NASA, its activities, or 
                  its services. For purposes of this paragraph, an 
                  interest in real property includes easements or other 
                  rights for preservation, conservation, protection, or 
                  enhancement by and for the public of natural, scenic, 
                  historic, scientific, educational, inspirational, or 
                  recreational resources.
                      ``(B) Limitation.--The Foundation may not accept a 
                  gift, devise, or bequest which entails any expenditure 
                  other than from the resources of the Foundation.
      ``(e) Tax Status and Functions.--
              ``(1) Tax-exempt status of foundation.--The Foundation and 
          any income or property received or owned by it, and all 
          transactions relating to such income or property, shall be 
          exempt from all Federal, State, and local taxation with respect 
          thereto.
              ``(2) In-lieu-of payments.--The Foundation may, in the 
          discretion of the board--
                      ``(A) contribute toward the costs of local 
                  goverment in amounts not in excess of those which it 
                  would be obligated to pay such government if it were 
                  not exempt from taxation under paragraph (A) or by 
                  virtue of its being a charitable and nonprofit 
                  corporation; and
                      ``(B) may contribute with respect to property 
                  transferred to it and the income derived therefrom if 
                  such agreement is a condition of the transfer.
              ``(3) Deductibility of contributions to foundation.--Gifts 
          and other transfers made to or for the use of the Foundation 
          shall be regarded as contributions, gifts, or transfers to or 
          for the use of the United States.
      ``(f) Cooperative Work With NASA.--
              ``(1) NASA support contracts.--The Administrator may 
          contract with the Foundation for the performance of its duties 
          and activities in support of the Administration.
              ``(2) NASA may not accept funds from foundation.--Neither 
          NASA nor any employee thereof may be authorized to accept funds 
          from the Foundation.
              ``(3) Foundation funding may not supplement appropriated 
          funds activities.--Except as otherwise specifically provided by 
          statute, the Foundation may not obligate or expend funds to 
          directly supplement any program or activity of NASA, or any 
          other Federal agency, for which appropriated funds may be 
          obligated or expended.
      ``(g) Definitions.--In this section:
              ``(1) Administrator.--The term `Administrator' means the 
          Administrator of the National Aeronautics and Space 
          Administration.
              ``(2) Board.--The term `board' means the board of directors 
          of the Foundation.
              ``(3) Foundation.--The term `Foundation' means the National 
          Aeronautics and Space Foundation established by subsection (a).
              ``(4) NASA.--The term `NASA' means the National Aeronautics 
          and Space Administration.''.
target: Amends the National Aeronautics and Space Act of 1958 to: (1) authorize the Administrator of the National Aeronautics and Space Administration (NASA) to carry out a Centennial Challenge Program to award prizes to stimulate innovation in basic and applied research, technology development, and prototype demonstration that have the potential for application to the performance of NASA's space and aeronautical activities; and (2) establish a charitable and nonprofit corporation to be known as the National Aeronautics and Space Foundation to encourage private gifts of real and personal property for the benefit of, or in connection with, NASA and to further the public's knowledge of, and inspiration by, the Earth and space.
feat_title: A bill to amend the National Aeronautics and Space Act of 1958 to establish a centennial challenge program and establish a National Aeronautics and Space Foundation.