Page:United States Statutes at Large Volume 124.djvu/3605

 124 STAT. 3579 PUBLIC LAW 111–332—DEC. 22, 2010 (c) INCORPORATION; NONPROFIT STATUS.—To carry out the pur- poses of the Foundation under section 2, the Board shall— (1) incorporate the Foundation in the District of Columbia; and (2) establish such policies and bylaws as may be necessary to ensure that the Foundation maintains status as an organiza- tion that is described in section 501(c)(3) of the Internal Rev- enue Code of 1986. (d) POWERS.—Subject to the specific provisions of section 2, the Foundation, in consultation with the Office of the President’s Council on Fitness, Sports, and Nutrition, shall have the power, directly or by the awarding of contracts or grants, to carry out or support activities for the purposes described in such section. (e) TREATMENT OF PROPERTY.—For purposes of this Act, an interest in real property shall be treated as including 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. A gift, devise, or bequest may be accepted by the Foundation even though it is encumbered, restricted, or subject to beneficial interests of private persons if any current or future interest therein is for the benefit of the Foundation. SEC. 5. PROTECTION AND USES OF TRADEMARKS AND TRADE NAMES. (a) TRADEMARKS OF THE FOUNDATION.—Authorization for a contributor, or a supplier of goods or services, to use, in advertising regarding the contribution, goods, or services, the trade name of the Foundation, or any trademark, seal, symbol, insignia, or emblem of the Foundation may be provided only by the Foundation with the concurrence of the Secretary or the Secretary’s designee. (b) TRADEMARKS OF THE COUNCIL.—Authorization for a contrib- utor or supplier described in subsection (a) to use, in such adver- tising, the trade name of the President’s Council on Fitness, Sports, and Nutrition, or any trademark, seal, symbol, insignia, or emblem of such Council, may be provided— (1) by the Secretary or the Secretary’s designee; or (2) by the Foundation with the concurrence of the Secretary or the Secretary’s designee. SEC. 6. AUDIT, REPORT REQUIREMENTS, AND PETITION OF ATTORNEY GENERAL FOR EQUITABLE RELIEF. (a) AUDITS.—For purposes of the Act entitled ‘‘An Act for audit of accounts of private corporations established under Federal law’’, approved August 30, 1964 (Public Law 88–504, 36 U.S.C. 1101– 1103), the Foundation shall be treated as a private corporation under Federal law. The Inspector General of the Department of Health and Human Services and the Comptroller General of the United States shall have access to the financial and other records of the Foundation, upon reasonable notice. (b) REPORT.—The Foundation shall, not later than 60 days after the end of each fiscal year, transmit to the Secretary and to Congress a report of its proceedings and activities during such year, including a full and complete statement of its receipts, expenditures, and investments. (c) RELIEF WITH RESPECT TO CERTAIN FOUNDATION ACTS OR FAILURE TO ACT.—If the Foundation— District of Columbia.