(a)  The commission is authorized to accept and empowered to accept and expend funds made available by the United States government or any agency thereof, in order to carry out the commission’s efforts to manage financial support for sailing events. In coordination with the Rhode Island Sailing Foundation, the commission is authorized to solicit grants and charitable funds or in-kind contributions from public and private individuals and organizations to fund projects and programs. The proceeds of grants received shall be paid to the general treasurer of the state and be deposited by them in a separate fund to be utilized for the purposes of those grants, and in the manner and degree as shall be deemed to be in the best interest of the state.

(b)  The allocation of any funds received shall be decided by a majority vote of voting members in attendance at a meeting duly convened for the conduct of business by the commission.