(1) The department of natural resources is authorized to receive or reject gifts and devises of money or property and, subject to the terms of any gift or devise and to the provisions of any applicable law, to hold such funds or property in trust or invest, sell, or exchange the same and use either principal or interest or the proceeds of sale or the exchanged property received for the benefit of the department and the public as specified in this section.

(2) The department of natural resources may cooperate with and assist any donor or foundation or similar organization intending to make gifts and devises of money and property for donation to or use by the department in the provision and maintenance of parks, recreational areas, or scenic or natural areas and for related uses. The acceptance of any gift or devise shall not commit the state to any expenditure of state funds.

(3) Any money received as gifts under this section and any money received from the investment of such money or property received under this section and any interest therefrom must be credited to a special fund known as the Colorado natural resources foundation fund. The fund and any gifts or devises received by the department of natural resources pursuant to this section shall not diminish any appropriations made to the department. Money in the fund shall not be expended in such a manner as to commit expenditures from the general fund or any cash fund that is designated for regulatory purposes within the division of water resources. The use of gifts and devises are subject to audit by the state auditor or the state auditor's designee, the cost of which shall be borne by the department.

(4) Repealed.