(a) The executive director, on behalf of the commission, may accept gifts, grants, and donations upon a determination that the donation is for purposes consistent with Texas Agriculture Code, Chapter 161.(1) The executive director shall report all accepted gifts and donations to the commissioners.(2) If the value of the donation is $500 or more, the commissioners must, by a majority vote during an open meeting, acknowledge the donation no later than the 90th day after the date it is accepted. The minutes of the open meeting will reflect the acknowledgement by recording the name of the donor, a description of the gift, and a general statement of the purpose for which the gift will be used.(b) Donations of real property (real estate) shall be accepted by the commission only upon authorization of the legislature.(c) The commission shall report to the legislature by December 31 of each year the source and amount of each grant, gift, and donation received under this section.