the usual powers and obligations of a corporation acting as a trustee, including the power to sue and to be sued in its own name. (2) Liability Notwithstanding paragraph (1), the members of the Board of the Foundation shall not be personally liable for acts or omissions related to the Foundation, except for malfeasance. (3) Powers The Foundation shall have the power to enter into contracts, to execute instruments, and generally to do any and all lawful acts necessary or appropriate to its purposes. (f) Bylaws In carrying out the provisions of this Act, the Board of the Foundation may adopt bylaws, rules, and regulations necessary for the administration of its functions and enter into contracts for any necessary services. (g) Tax exempt status (1) In general The Foundation and any income or property received or owned by it, and all transactions relating to such income or property, shall be exempt from all Federal, State, and local taxation. (2) Contributions to local government The Foundation may, however, in the discretion of the Board of the Foundation— (A) contribute toward the costs of local government in amounts not in excess of those costs that it would be obligated to pay such government if it were not exempt from taxation because of this subsection or because of its status as a charitable and nonprofit corporation