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(a) The office may form a foundation eligible to receive tax-deductible contributions to support the operations and programs of the office and the operations of the foundation. The foundation shall not solicit or receive any funds, gifts, or contributions if the solicitation or receipt would jeopardize the independence and objectivity of the office or foundation.
(b) The foundation formed pursuant to this section shall be under the direction and management of a five-member board of directors. One member shall be appointed by the Speaker of the Assembly, one member shall be appointed by the Senate Committee on Rules, and three members shall be appointed by the Governor. The members of the board shall each be experienced in the management, promotion, and funding of nonprofit charitable organizations.
(c) The board shall select from among its members a chair, a vice chair, and any other officers as it deems necessary.
(d) The members of the board shall serve without compensation, but shall be reimbursed for all necessary expenses actually incurred in the performance of their duties as directors.
(e) Three members of the board shall constitute a quorum for the purpose of conducting the board’s business.
(f) By March 1 of each year, the board shall determine the amount of funds to be allocated from the foundation to the office for the support of the operations and programs of the office and the operations of the foundation. Foundation funds may only be expended for the support of the operations and programs of the office and the operations of the foundation.