(a) The Wyoming national guard youth challenge program endowment account is created. The state treasurer is authorized to accept cash gifts for the account. Funds within the account including all funds deposited to the account from any source are intended to be inviolate and constitute a permanent or perpetual trust fund. The state treasurer shall invest funds within the endowment account in accordance with law and in a manner to obtain the highest net return possible consistent with the preservation of the trust fund corpus. Fifty percent (50%) of investment earnings from funds in the endowment account shall be credited to the endowment account. Fifty percent (50%) of investment earnings shall be distributed in accordance with subsection (b) of this section.
(b) The state treasurer shall semiannually distribute fifty percent (50%) of investment earnings from the Wyoming national guard youth challenge program endowment account to the Wyoming military department. Funds distributed under this subsection shall only be expended for the operation and facility needs of the Wyoming national guard youth challenge program established under W.S. 19-9-701. Funds distributed under this subsection shall be expended pursuant to W.S. 19-9-702.
(c) The Wyoming national guard youth challenge program endowment account created in subsection (a) of this section may be known as the "Wyoming cowboy challenge academy endowment account." 19-7-208. Authority to receive and expend monies; investments.
(a) In addition to the account established in W.S. 19-7- 207, the state treasurer is hereby authorized and directed to receive and credit to the appropriate account any grant, donation or bequest that is made to the state of Wyoming or the military department for the support of any program of the military department. If the grant, donation or bequest contains a condition or restriction regarding how it is to be expended it shall be expended according to the condition or restriction. The state treasurer shall invest any money received under this subsection in accordance with law, and the income received thereon shall be placed at the disposal of the department to use in carrying out the purposes of the specified program subject to any conditions or restrictions.
(b) The department shall have the authority:
(i) To receive any gifts, grants, funds, assistance or other contributions of any kind or character that are donated, granted or bequeathed to the department or the state of Wyoming for the support of any program of the department;
(ii) To establish methods whereby voluntary contributions may be accepted in support of military department programs. The military department may suggest and solicit specific contribution amounts;
(iii) To carry out the terms, if any, of any grant, donation or bequest for the support of any program of the department, or in the absence of any terms or limitations, to expend the money or the proceeds of any property received as the department may deem advisable according to the purposes of the specified program.
(c) Funds received for the support of any program of the military department under subsections (a) and (b) of this section shall be credited to the appropriate account for the purposes of the specified program and are continuously appropriated to the military department. The military department shall only expend funds, proceeds or property received under this section for the purposes of the program for which the money or property was provided. Funds received and expended in each fiscal biennium pursuant to the authority of this section shall be reported by the military department in its biennial budget request.