There is established in the state treasury a special fund designated as the state parks gift fund. The director may seek and accept any gift, private grant, trust, bequest of money, or donation of funds to the gift fund for the purpose of furthering the objectives of the parks and recreation department. All donations to the parks and recreation department in the form of gifts, private grants, trusts, bequests of money, or donation of funds, and any interest accruing thereon, must be placed in the state parks gift fund and is appropriated to the department on a continuing basis. The fund may be used and disbursed by the parks and recreation department in accordance with the terms of the donation as determined by the director, except any expenditure in excess of fifty thousand dollars from funds the donor has not designated or conditioned the use of for a specific purpose is subject to approval by the emergency commission and the legislative assembly or the budget section if the legislative assembly is not in session. Any request considered by the budget section must comply with section 54-35-02.9. The department shall notify the office of management and budget biennially regarding the current amount of moneys in the fund and any expenditures from the fund in the past biennium.