The purpose of the Kentucky State University Foundation shall be to receive contributions, gifts, grants, devises, or bequests, or real or personal property or both from individuals, foundations, partnerships, associations, governmental bodies, and public or private corporations, and to maintain, use, and apply such property and income therefrom for the benefit of Kentucky State University or for any student, faculty, or staff member, or any line of work, teaching, or investigation of Kentucky State University.