(1) In addition to any other rights, powers, functions, and duties granted by law to the Division of Arkansas Heritage, the division is hereby authorized to promote and cooperate in the establishment of a heritage foundation under the Arkansas nonprofit corporation law, to share resources and facilities with the foundation, and to accept support and assistance in the form of money, property, or otherwise from the foundation to be used to preserve and promote the heritage of the state.
(2) If a heritage foundation is established and the division shares resources or facilities with the foundation or accepts support and assistance from the foundation, the foundation shall annually file a report with the Governor, the Legislative Council, and the Legislative Joint Auditing Committee showing the amount and source of all gifts, grants, and donations of money or property received by the foundation and all expenditures or other dispositions of money or property by the foundation during the preceding year.
(3) On or before July 1 of each fiscal year, the Director of the Division of Arkansas Heritage shall submit a plan to the Legislative Council reflecting the proposed uses of private funds for the ensuing fiscal year for its review and comment. No person over whom the division has day-to-day managerial control shall receive compensation or remuneration from funds not in the State Treasury.