1. Make expenditures from the Fund’s interest and income to assist (i) the Virginia Commission for the Arts in promoting the arts in the Commonwealth in accordance with § 23.1-3228 and (ii) nonprofit arts and cultural institutions and organizations in the Commonwealth to assess, enhance, and plan for enhancement of their fiscal stability, financial management and control capabilities, and capacity to raise funds for the furtherance of their respective missions from nongovernmental sources;

2. Accept, hold, and administer gifts and bequests of money, securities, or other property, absolutely or in trust, for the purposes of the Foundation;

3. Enter into contracts and execute all instruments necessary and appropriate to carry out the Foundation’s purposes;

4. Explore and make recommendations concerning other possible dedicated revenue sources for the Fund; and

5. Perform any lawful acts necessary or appropriate to carry out the purposes of the Foundation.