Amends the National Aeronautics and Space Act of 1958 to: (1) authorize the Administrator of the National Aeronautics and Space Administration (NASA) to carry out a Centennial Challenge Program to award prizes to stimulate innovation in basic and applied research, technology development, and prototype demonstration that have the potential for application to the performance of NASA's space and aeronautical activities; and (2) establish a charitable and nonprofit corporation to be known as the National Aeronautics and Space Foundation to encourage private gifts of real and personal property for the benefit of, or in connection with, NASA and to further the public's knowledge of, and inspiration by, the Earth and space.