There is hereby authorized to be appropriated in each fiscal year, as a part of the budget of the University of the Virgin Islands for administrative purposes only, such sum as the Legislature may deem appropriate for a contribution to the Endowment to be used for the purposes of this chapter. Donations and contributions may be accepted and solicited by the Board from private foundations or any other lawful source for use in the Endowment. All appropriations to the University for contribution to the Endowment shall remain available until expended unless specifically provided otherwise. The University of the Virgin Islands shall administer all funds consistent with the decisions of the Board, and shall annually report to the Board on receipt and disbursement of funds.