(1) Except as otherwise provided in this chapter, the foundation has all of the powers necessary and convenient to carry out its duties under sub. (2) and s. 247.06, including the power to do all of the following: (a) Make, amend, and repeal bylaws for the conduct of its affairs. (b) Adopt a seal and alter that seal. (c) Sue and be sued. (d) Maintain an office. (e) Solicit and accept donations of money, property, and art objects. (f) Execute contracts and other instruments. (g) Employ legal, financial, technical, or other experts and any other necessary employees, and fix their qualifications, duties, and compensation. (h) Establish arts programs with the advice of the arts board and statewide arts organizations. (i) Convert any noncash gift, grant, bequest, or other contribution to the foundation to cash. (2) The foundation shall do all of the following: (a) In carrying out its responsibilities under this chapter, ensure to the greatest extent possible the equitable distribution of funds and other support among all of the following: 1. The various geographic regions of the state. 2. Urban, suburban, and rural areas of the state. 3. The various ethnic, racial, and cultural groups of the state. (b) Appoint a licensed appraiser to evaluate each donated art object to establish the current value of, potential appreciation of, degree of risk in holding, and recommended timing for sale of, the art object. (c) Adopt bylaws for accepting restricted donations. (d) Annually submit to the governor and to the presiding officer of each house of the legislature an audited financial statement of the operations of the foundation, prepared in accordance with generally accepted accounting principles. (e) Contract for all education and marketing activities. (f) Deposit in the state treasury all cash, gifts, grants, bequests, or other contributions made to the foundation, and all noncash gifts, grants, bequests, or other contributions made to the foundation that have been converted to cash under sub. (1) (i). (g) Biennially review the foundation’s priorities for expenditures under s. 247.06 (1) (b) and report those priorities to the presiding officer of each house of the legislature.
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