There is an Individuals With Disabilities and Service–Disabled Veterans Boating Fund. The purpose of the Fund is to provide sailing, boating, kayaking, canoeing, paddleboarding, and surfing opportunities for individuals with disabilities, service–disabled veterans, and their eligible companions. The Department shall administer the Fund. The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article. The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. The Fund consists of: money appropriated in the State budget to the Fund; and any other money from any other source accepted for the benefit of the Fund. The Fund may be used only for: providing State grants under this section; and administrative expenses of the Department in administering the Fund. Subject to paragraph (2) of this subsection, the Department may provide a grant of not more than $40,000 in a fiscal year to a grantee to provide sailing, boating, kayaking, canoeing, paddleboarding, or surfing opportunities for individuals with disabilities and their eligible companions or service–disabled veterans and their eligible companions. The Department may provide grants under this section only to a nonprofit organization in good standing that: is qualified under § 501(c)(3) of the Internal Revenue Code; has been in operation for at least 3 years, notwithstanding a cessation of operations during a national or public health emergency issued: by the President of the United States under § 201, § 202(d), or § 301 of the federal National Emergencies Act; or by the Secretary of Health and Human Services under the federal Public Health Service Act; and has engaged individuals with disabilities or service–disabled veterans in sailing, boating, kayaking, canoeing, paddleboarding, or surfing activities on State waters at least 25 times in each of the past 3 years.