(a) The board of trustees shall have sole and exclusive jurisdiction to administer the foundation and no other department, board or officer of the Commonwealth shall have any jurisdiction whatsoever in connection therewith except as set forth in this subarticle. No appropriation made to the foundation shall be available unless and until it shall have complied with section 604 of The Administrative Code of 1929¹ in the same manner as if it were an administrative department, board or commission.

(b) All moneys belonging to the foundation shall be invested in securities or deposited with depositories subject to the same restrictions as are imposed by law upon the investment or deposit of Commonwealth funds, except that any donor of money or other property may specify that such donation shall be held in the form in which acquired by the board or that such donation shall be invested in or converted into some other specific property or class of investment. So long as the board complies with the instructions of the donor in this regard, it shall be relieved of all liability which may result from the imprudent investment of such moneys.

(c) The board of trustees shall have general supervisory powers and responsibility for the propriety of all expenditures by the foundation. All payments for the general cost of administration of the foundation in excess of three hundred dollars ($300) shall be made only with the prior approval of the board. All payments for research and training made by the foundation in excess of three hundred dollars ($300) shall be made only with the prior approval of the board which shall not approve any such expenditure until it has first been approved by the Research Advisory Committee. The board shall have the right to approve a future series of payments at one time so long as the specific purpose therefor is known at the time of approval.

(d) The board shall set up a system for the payment of all sums less than three hundred dollars ($300) upon the approval of a responsible executive officer of the foundation. Such system shall contain adequate checks so as to insure that no moneys are improperly diverted from the foundation.

(e) There shall be maintained by the foundation an adequate set of financial books and records in accordance with generally accepted accounting theory and practice.

(f) The financial books and records of the foundation shall be audited at least once each year by a certified public accountant or firm of certified public accountants who shall report to the board. Such report shall be a public record and a copy thereof shall be furnished to each trustee, the Governor, the secretary, the Attorney General and to such other persons who request copies from the foundation, for which other copies a charge adequate to cover printing and other related costs may be made.

(g) The fiscal year of the foundation shall commence on July 1, and end on the following June 30.

(h) The Attorney General and the secretary shall each have the right to examine all phases of the operations of the foundation, including all of its books and records, at such time and in such manner as they or either of them shall deem necessary.