((a)) ** Powers of Foundation** In order to carry out the provisions of this chapter, the Foundation is authorized to—

((1)) appoint and fix the compensation of such personnel as may be necessary to carry out the provisions of this chapter, except that in no case shall employees other than the Executive Secretary be compensated at a rate to exceed the rate provided for employees in grade 15 of the General Schedule set forth in ;

((2)) procure temporary and intermittent services of experts and consultants as are necessary to the extent authorized by , but at rates not to exceed the rate specified at the time of such service for grade GS–18 in section 5332 of such title;

((3)) prescribe such regulations as it deems necessary governing the manner in which its functions shall be carried out;

((4)) receive money and other property donated, bequeathed, or devised, without condition or restriction other than it be used for the purposes of the Foundation; and to use, sell, or otherwise dispose of such property for the purpose of carrying out its functions;

((5)) accept and utilize the services of voluntary and noncompensated personnel and reimburse them for travel expenses, including per diem, as authorized by ;

((6)) enter into contracts, grants, or other arrangements, or modifications thereof, to carry out the provisions of this chapter, and such contracts or modifications thereof may, with the concurrence of two-thirds of the members of the Board, be entered into without performance or other bonds, and without regard to ;

((7)) make advances, progress, and other payments which the Board deems necessary under this chapter without regard to the provisions of section 3324(a) and (b) of title 31;

((8)) rent office space in the District of Columbia; and

((9)) make other necessary expenditures.

((b)) ** Annual report to Congress** The Foundation shall submit to the President and to the Congress an annual report of its operations under this chapter.