NASA Innovation Fund and Sponsorship Act of 2007

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.