((a)) ** In general** In order to carry out this chapter, the Foundation may—

((1)) appoint and fix the rates of basic pay of not more than three employees (in addition to the Executive Secretary appointed under section 4709  of this title) to carry out the provisions of this chapter, without regard to the provisions in chapter 33 of title 5 governing appointment in the competitive service or the provisions of chapter 51 and subchapter III of chapter 53 of such title, except that—

((A)) a rate of basic pay set under this paragraph may not exceed the maximum rate provided for employees in grade GS–15 of the General Schedule under ; and

((B)) the employee shall be entitled to the applicable locality-based comparability payment under , subject to the applicable limitation established under subsection (g) of such section;

((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 level IV of the Executive Schedule;

((3)) prescribe such regulations as it considers 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 use the services of voluntary and noncompensated personnel and for travel expenses, including per diem, as authorized by ;

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

((7)) rent office space in the Washington, District of Columbia, metropolitan area;

((8)) expend not more than 5 percent of the Foundation’s annual operating budget on programs that, in addition to or in conjunction with the Foundation’s scholarship financial awards, support the development of Goldwater Scholars throughout their professional careers;

((9)) expend not more than 5 percent of the Foundation’s annual operating budget to pay the costs associated with fundraising activities, including public and private gatherings; and

((10)) make other necessary expenditures.

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