National Amateur Sports Foundation Act

National Amateur Sports Foundation Act - Establishes in the District of Columbia a body Corporate by the name of the National Amateur Sports Foundation which shall not be an agency or establishment of the United States Government. Provides that the foundation shall be directed in accordance with the provisions of this Act by a board to be known as the Trustees of the National Amateur Sports Foundation whose duty it shall be to maintain and administer the foundation and to execute such other functions as are vested in the board by this Act.

Provides that the board shall be composed of sixteen voting members and the president of the Foundation ex officio. Authorizes the President of the United States to appoint incorporators, by and with the advice and consent of the Senate, who shall serve as the initial board of trustees of the foundation. Provides that the principal office of the foundation shall be in Washington, District of Columbia, or in such other place as may later be determined by the foundation. Sets forth powers of the Board.

States that it shall be the purpose of the foundation to: (1) encourage the achievement of individual excellence in the field of physical endeavor; (2) reduce inequalities among social, economic, and geographic groups in opportunities to participate in amateur sports; (3) coordinate by voluntary means the interests and activities of national sports associations with one another and with related educational and recreational programs of local, State, and Federal Government; (4) strengthen and expand development of amateur sports in the United States; (5) strengthen the position of United States competitors in significant international amateur athletic events; (6) extend knowledge and facilitate the practice of amateur sports; (7) promote broadened cultural exchanges with foreign nations in the field of amateur sports; and (8) study national needs relating to amateur sports.

Requires the board to submit an annual report to the President for submission to the Congress on the activities and accomplishments of the foundation during the preceding calendar year.

Authorizes to be appropriated to the board for use by it in carrying out the provisions of this Act, for each fiscal year following fiscal year 1973, an amount equal to the amount of donations, bequests, and devises of money, securities, and other property received by the board during the fiscal year preceding the fiscal year for which such appropriation is made, except that the total aggregate amount appropriated pursuant to this subsection shall not exceed $50,000,000.