SECTION 1. SHORT TITLE.

    This Act may be cited as the ``NASA Innovation Fund and Sponsorship 
Act of 2007''.

SEC. 2. NASA INNOVATION FUND.

    (a) Creation.--
            (1) Establishment.--There is established in the Treasury of 
        the United States a trust fund, to be known as the ``NASA 
        Innovation Fund'' (referred to in this Act as the ``Fund''), 
        consisting of such amounts as may be transferred to the Fund 
        under paragraph (2).
            (2) Transfer.--Any amount collected from charitable 
        donations or in accordance with the program authorized under 
        section 4 shall be transferred to the Fund.
    (b) Expenditures.--Amounts in the Fund may be used, to the extent 
provided in advance in appropriations Acts, as follows:
            (1) Advertising.--Not more than 10 percent of amounts 
        transferred to the Fund in each fiscal year, not to exceed 
        $1,000,000, may be used by the Administrator in such fiscal 
        year for advertising under subsection (c) of section 314 of the 
        National Aeronautics and Space Act of 1958 (42 U.S.C. 2459f-
        1(c)).
            (2) Administration.--Not more than $200,000 of amounts in 
        the Fund may be used by the Administrator in each fiscal year 
        for expenses incurred in administering the prize competition 
        described under section 314 of such Act.
            (3) Prize money.--Any amounts in the Fund not expended 
        under paragraph (1) or (2) may be used for any prize awarded 
        under section 314 of such Act.
    (c) Investment of Amounts.--
            (1) Amounts available.--The Secretary of the Treasury shall 
        invest such portion of the Fund as is not required, in the 
        determination of the Secretary, to meet current withdrawals.
            (2) Interest-bearing obligations.--Investments may be made 
        only in interest-bearing obligations of the United States.
            (3) Acquisition of obligations.--Pursuant to paragraphs (1) 
        and (2), obligations may be acquired--
                    (A) on original issue at the issue price; or
                    (B) by purchase of outstanding obligations at the 
                market price.
            (4) Sale of obligations.--Any obligation acquired by the 
        Fund may be sold by the Secretary of the Treasury at market 
        price.
            (5) Credits to fund.--The interest on and proceeds from the 
        sale or redemption of any obligations held in the Fund shall be 
        credited to and form part of the Fund.

SEC. 3. NASA INNOVATION FUND SPONSORSHIP ADVISORY COMMITTEE.

    (a) Establishment.--There is established within the National 
Aeronautics and Space Administration the NASA Innovation Fund 
Sponsorship Advisory Committee (referred to in this Act as the 
``Advisory Committee'') to advise the Administrator on carrying out the 
program authorized under this section and section 4.
    (b) Membership.--
            (1) Composition.--The Advisory Committee shall consist of 5 
        citizens of the United States, including persons with expertise 
        in mathematics or science education, and in promotional 
        activities, appointed by the Administrator not later than 90 
        days after the date of the enactment of this Act. The 
        Administrator shall seek to include individuals from academia, 
        the nonprofit sector, and the private sector. The Administrator 
        shall appoint a Chair and a Vice Chair for the Advisory 
        Committee.
            (2) Terms.--
                    (A) Length.--Each member of the Advisory Committee 
                appointed under paragraph (1) shall serve for a term of 
                three years, but the lengths of the initial terms of 
                such members shall be staggered to ensure continuity of 
                administration.
                    (B) Vacancy.--If a seat on the Advisory Committee 
                to which a member of the Advisory Committee is 
                appointed under paragraph (1) becomes vacant due to the 
                departure of such member prior to the expiration of the 
                term of such member, a successor may be appointed by 
                the Administrator to serve the remainder of the term of 
                such member.
                    (C) Reappointment.--A member of the Advisory 
                Committee appointed under paragraph (1) may not serve 
                on the Advisory Committee for more than 6 years.
            (3) Compensation.--No compensation shall be paid to members 
        of the Advisory Committee for their services as members, but 
        members shall be reimbursed for actual and necessary traveling 
        and subsistence expenses incurred in the performance of the 
        duties of the Advisory Committee.
    (c) Meetings.--
            (1) Frequency.--The Advisory Committee shall meet not less 
        than 4 times each year, and the Administrator may call 
        additional meetings.
            (2) Presence of nasa officers.--The Administrator and the 
        Chief of Strategic Communications of NASA, or their designees, 
        shall be present at each meeting of the Advisory Committee to 
        provide technical or programmatic guidance.

SEC. 4. INNOVATION FUND SPONSORSHIP PROGRAM.

    (a) Authorization.--
            (1) Innovation fund sponsorship program.--The Administrator 
        is authorized to create and administer an Innovation Fund 
        Sponsorship Program, which shall permit any person to develop 
        and implement a promotional program that includes the use of 
        the Partnership Logo in exchange for a monetary contribution to 
        the Fund from such person.
            (2) Sponsor.--Pursuant to subsection (c)(2), for the 
        purposes of this section, a person whose application to 
        participate in the Innovation Fund Sponsorship Program has been 
        approved shall be known as a ``sponsor''.
    (b) Partnership Logo.--The Administrator shall select and adopt a 
logo to be used in the promotional program of any sponsor. Such logo 
shall be based on the recommendations of the Advisory Committee. Such 
logo shall include the words ``NASA Innovation Fund Partner'' and an 
appropriate image, as determined by the Advisory Committee.
    (c) Application Process.--To be eligible to be selected as a 
sponsor, a person shall submit to the Administrator an application in 
such form, at such time, and containing such information as the 
Administrator may require. The proposals shall be reviewed by the 
Advisory Committee, which shall make recommendations to the 
Administrator. Each such application shall include the following:
            (1) The amount to be contributed by such person to the 
        Fund.
            (2) A specific description of the promotional program 
        (using the Partnership Logo) such person plans to develop, 
        which shall include at least one of the following:
                    (A) Presenting educational information concerning 
                science, technology, engineering, or mathematics, or 
                directing the audience of such program to such 
                information.
                    (B) Promoting educational programs concerning 
                science, technology, engineering, or mathematics and 
                encouraging the study of such disciplines.
                    (C) Promoting specific employment and educational 
                opportunities in science, technology, engineering, or 
                mathematics.
    (d) Sponsorship Agreement.--Each person whose application is 
approved pursuant to subsection (c) shall enter into a sponsorship 
agreement with the Administrator which shall--
            (1) require that such person provide to the Administrator 
        an amount not less than the amount specified under subsection 
        (c)(1); and
            (2) permit such person to use the Partnership Logo in the 
        promotional program of such person as described in the 
        application submitted under paragraph (2) of such subsection.
    (e) Restrictions.--A promotional program under this section may not 
include the following:
            (1) No logos on spacecraft.--The application of any logo or 
        advertisement to the exterior surfaces of the International 
        Space Station, NASA launch vehicles, or Federal Government 
        payloads.
            (2) No astronaut endorsements.--The endorsement of or 
        appearance in any advertisement for any product by any NASA 
        astronaut.
            (3) No agency-wide endorsement.--The endorsement by NASA of 
        any product or service of any sponsor.
            (4) No in-kind contribution.--The receipt of any 
        contribution under subsection (d)(1) in any form other than 
        cash.
            (5) Minimum level of contribution.--An expected 
        contribution under subsection (c)(1) that is less than a 
        minimum amount that the Administrator may establish.
            (6) General restrictions.--Any other feature that the 
        Administrator determines to be inappropriate.
    (f) Protection of Proprietary Information.--The Administrator shall 
establish procedures to ensure appropriate protection of any 
proprietary information submitted pursuant to this section.
    (g) Statement of Congress Relating to NASA Participation.--Congress 
strongly encourages NASA to carry out the activities authorized in 
subsection (c) of section 314 of the National Aeronautics and Space Act 
of 1958 (42 U.S.C. 2459f-1(c)) and to provide assistance to sponsors to 
carry out promotional programs authorized under this section, as the 
Administrator determines to be appropriate.
    (h) Enforcement.--
            (1) Unauthorized persons.--If any person who is not a 
        sponsor uses the Partnership Logo in connection with any 
        promotion of goods, services, or commercial activity in a 
        manner reasonably tending to suggest that such use is approved, 
        endorsed, or authorized by the Administrator, the Administrator 
        may commence a civil action for preventive relief, including an 
        application for a permanent or temporary injunction, 
        restraining order, or other order, and such person shall be 
        liable to the Administrator for a civil penalty in the amount 
        of $100,000 for each such violation. The Administrator shall 
        transfer any amounts received under this paragraph to the Fund.
            (2) Unauthorized promotional programs.--If any sponsor 
        implements any promotional program using the Partnership Logo 
        that does not conform to the requirements of this Act, the 
        Administrator may commence a civil action for preventive 
        relief, including an application for a permanent or temporary 
        injunction, restraining order, or other order.
    (i) Report.--Not later than October 31 of each year, the 
Administrator shall transmit to Congress a report--
            (1) that describes, with respect to the preceding fiscal 
        year all actions taken by the National Aeronautics and Space 
        Administration under this section, including--
                    (A) a full statement of receipts;
                    (B) a full statement of expenditures; and
                    (C) an evaluation of the efficiency and value of 
                the Innovation Fund Sponsorship Program; and
            (2) that includes a report from the Advisory Committee on 
        its actions with respect to the preceding fiscal year.
    (j) Consultation.--Each year, the Advisory Committee shall consult 
with the director of each of the following NASA Centers to solicit 
ideas to improve the program authorized under this section and section 
4:
            (1) Ames Research Center.
            (2) Dryden Flight Research Center.
            (3) Glenn Research Center.
            (4) Goddard Space Flight Center.
            (5) Jet Propulsion Laboratory.
            (6) Johnson Space Center.
            (7) Kennedy Space Center.
            (8) Langley Research Center.
            (9) Marshall Space Flight Center.
            (10) Stennis Space Center.

SEC. 5. CONFORMING AMENDMENT.

    Paragraph (1) of section 314(i) of the National Aeronautics and 
Space Act of 1958 (42 U.S.C. 2459f-1(i)(1)) is amended by inserting 
before the period at the end the following: ``, except as provided in 
the NASA Innovation Fund and Sponsorship Act of 2007.''.

SEC. 6. DEFINITIONS.

    In this Act:
            (1) Administrator.--The term ``Administrator'' means the 
        Administrator of the National Aeronautics and Space 
        Administration.
            (2) NASA.--The term ``NASA'' means the National Aeronautics 
        and Space Administration.
            (3) Partnership logo.--The term ``Partnership Logo'' means 
        the logo selected and adopted in accordance with section 4(b).
            (4) Promotional program.--The term ``promotional program'' 
        means any set of coordinated actions taken by a person to 
        publicize or make publicly recognizable a particular good, 
        service, program, or person.
NASA Innovation Fund and Sponsorship Act of 2007 - Establishes within the National Aeronautics and Space Administration (NASA) a NASA Innovation Fund into which amounts collected from charitable donations or in accordance with the Innovation Fund Sponsorship Program (created by this Act) shall be transferred.

Authorizes and sets limits on the use of amounts in the Fund for: (1) advertising prize competitions under NASA's Centennial Challenges prize program to stimulate innovation in basic and applied research, technology development, and prototype demonstration that have the potential for application to the performance of space and aeronautical activities of NASA; and (2) expenses incurred in the administration of such competitions.

Establishes the NASA Innovation Fund Sponsorship Advisory Committee to advise the Administrator of NASA on carrying out the Innovation Fund Sponsorship Program.

Permits any person, under the Innovation Fund Sponsorship Program, to develop and implement a promotional program that includes the use of a partnership logo in exchange for a monetary contribution to the Fund from such person. Requires the NASA Administrator to select and adopt the logo to be used in the promotional program of any sponsor, based upon the recommendations of the Advisory Committee.

Requires the NASA Administrator to transmit annual reports to Congress on all action taken by NASA under such Program.

Requires the Advisory Committee to annually consult with the directors of specified NASA Centers to solicit ideas for the improvement of such Program.
To create a sponsorship program to help fund NASA's Centennial Challenges prize program and expand public awareness of NASA activities and technology needs, and for other purposes.