A. The veterans’ donations fund is established consisting of monies, gifts and contributions donated to the department and monies deposited pursuant to sections 28-2414, 28-2428, 28-2431, 28-2447, 28-2454, 28-2470.10, 28-2473, 28-2474, 28-2475, 28-2476 and 43-620. The department shall administer the fund. Monies in the fund are continuously appropriated. The monies in the fund are exempt from the provisions of section 35-190 relating to lapsing of appropriations. The department shall adopt rules or policies for grants of less than $5,000 that encourage as much competition as practicable.

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B. The director or the director’s designee may solicit and receive donations, including in-kind donations, from the public for veterans. The director shall deposit, pursuant to sections 35-146 and 35-147, the monetary donations in the veterans’ donations fund. Monies in the fund are subject to state auditing procedures. Except for monies deposited pursuant to sections 28-2431 and 28-2447, the donations may be used for the benefit of the veterans within this state as grants, subject to chapter 24 of this title, if applicable.

C. The director shall establish a separate subaccount in the veterans’ donations fund for the deposit of monies received pursuant to section 28-2431, subsection C. The monies in the subaccount shall be used for the construction and maintenance of the enduring freedom memorial authorized pursuant to section 41-1363 for placement in Wesley Bolin Plaza.

D. The director shall establish a separate subaccount in the veterans’ donations fund for the deposit of monies received pursuant to section 28-2447, subsection F. The monies in the subaccount shall be used for the benefit of women veterans in this state, including providing shelter to homeless women veterans as grants, subject to chapter 24 of this title, if applicable.

E. The director shall establish a separate subaccount in the veterans’ donations fund for the deposit of monies received pursuant to section 28-2454, subsection C. The first $32,000 in the subaccount shall be reimbursed to the person that provides the $32,000 pursuant to section 28-2454, subsection A. The director shall annually allocate monies from the subaccount to a foundation that is qualified under section 501(c)(3) of the United States internal revenue code for federal income tax purposes and that is the nation’s oldest and largest provider of need-based scholarships to children of United States military members. The foundation must:

1. Have been in existence for at least fifty-two years.

2. Have provided more than thirty-three thousand scholarships that are valued at almost $90,000,000.

3. Have a mission that includes honoring marines and educating their children.

4. Award scholarship monies to children of marines and navy corpsmen who were killed or wounded in combat or who have demonstrated financial need.

F. The director shall establish a separate subaccount in the veterans’ donations fund for the deposit of monies received pursuant to Section 28-2470.10, subsection C. The first $32,000 in the subaccount shall be reimbursed to the person that provides the $32,000 pursuant to Section 28-2470.10, subsection A. The director shall annually allocate monies from the subaccount to a foundation that is qualified under section 501(c)(3) of the United States internal revenue code for federal income tax purposes. The foundation must:

1. Have been in existence for at least twenty years.

2. Have a mission that includes providing college scholarships to:

(a) The sons and daughters of those who have served the United States honorably as soldiers in the United States army.

(b) The spouses of enlisted soldiers on active duty in the United States army.

3. Envision increasing its fundraising and visibility to encourage more applicants to apply for scholarships and to provide larger scholarships to an increasing number of deserving applicants to both:

(a) Reward army families for the sacrifices that army soldiers make every day to serve their nation.

(b) Help the spouses and children of army soldiers become leaders in society.

4. Award scholarship monies to:

(a) Children of former United States army members who were killed while serving in the United States army or who received an honorable discharge or medical discharge.

(b) Children of regular active duty, active duty reserve or active duty national guard United States army members in good standing.

(c) Spouses of enlisted regular active duty, active duty reserve or active duty national guard United States army members in good standing.

G. The director shall inventory and account for the use of any tangible personal property donated to the fund.

H. On notice from the director, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund.