E. The director shall establish a separate subaccount in the veterans' donations fund for the deposit of monies received pursuant to section 28-2454, subsection C. The first $32,000 in the subaccount shall be reimbursed to the person that provides the $32,000 pursuant to section 28-2454, subsection A. The director shall annually allocate monies from the subaccount to a foundation that is qualified under section 501(c)(3) of the United States internal revenue code for federal income tax purposes and that is the nation's oldest and largest provider of need-based scholarships to children of United States military members. The foundation must:

1. 1. Have been in existence for at least fifty-two years.
2. 2. Have provided more than thirty-three thousand scholarships that are valued at almost $90,000,000.
3. 3. Have a mission that includes honoring marines and educating their children.
4. 4. Award scholarship monies to children of marines and navy corpsmen who were killed or wounded in combat or who have demonstrated financial need.

F. The director shall establish a separate subaccount in the veterans' donations fund for the deposit of monies received pursuant to section 28-2470.10, subsection C. The first $32,000 in the subaccount shall be reimbursed to the person that provides the $32,000 pursuant to section 28-2470.10, subsection A. The director shall annually allocate monies from the subaccount to a foundation that is qualified under section 501(c)(3) of the United States internal revenue code for federal income tax purposes. The foundation must:

1. 1. Have been in existence for at least twenty years.

2. 2. Have a mission that includes providing college scholarships to:

   1. (a) The sons and daughters of those who have served the United States honorably as soldiers in the United States army.
   2. (b) The spouses of enlisted soldiers on active duty in the United States army.

3. 3. Envision increasing its fundraising and visibility to encourage more applicants to apply for scholarships and to provide larger scholarships to an increasing number of deserving applicants to both:

   1. (a) Reward army families for the sacrifices that army soldiers make every day to serve their nation.
   2. (b) Help the spouses and children of army soldiers become leaders in society.

4. 4. Award scholarship monies to:

   1. (a) Children of former United States army members who were killed while serving in the United States army or who received an honorable discharge or medical discharge.
   2. (b) Children of United States army members in good standing serving in regular active duty, active duty reserve or active duty national guard.
   3. (c) Spouses of United States army members in good standing serving in regular active duty, active duty reserve or active duty national guard.