(a) Fund
The Administrator may enter into an agreement with a nonprofit
organization that promotes coral reef conservation authorizing such
organization to receive, hold, and administer funds received
pursuant to this section. The organization shall invest, reinvest,
and otherwise administer the funds and maintain such funds and any
interest or revenues earned in a separate interest bearing account,
hereafter referred to as the Fund, established by such organization
solely to support partnerships between the public and private
sectors that further the purposes of this chapter and are
consistent with the national coral reef action strategy under
section 6402 of this title.
(b) Authorization to solicit donations
Pursuant to an agreement entered into under subsection (a) of
this section, an organization may accept, receive, solicit, hold,
administer, and use any gift to further the purposes of this
chapter. Any moneys received as a gift shall be deposited and
maintained in the Fund established by the organization under
subsection (a) of this section.
(c) Review of performance
The Administrator shall conduct a continuing review of the grant
program administered by an organization under this section. Each
review shall include a written assessment concerning the extent to
which that organization has implemented the goals and requirements
of this section and the national coral reef action strategy under
section 6402 of this title.
(d) Administration
Under an agreement entered into pursuant to subsection (a) of
this section, the Administrator may transfer funds appropriated to
carry out this chapter to an organization. Amounts received by an
organization under this subsection may be used for matching, in
whole or in part, contributions (whether in money, services, or
property) made to the organization by private persons and State and
local government agencies.
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