CHAPTER 1. PUBLIC FOUNDATIONS
IC 20-47
ARTICLE 47. RELATED ENTITIES; HOLDINGCOMPANIES; LEASE AGREEMENTS
IC 20-47-1
Chapter 1. Public Foundations
IC 20-47-1-1
"Proceeds from riverboat gaming"
Sec. 1. As used in this chapter, "proceeds from riverboat gaming"means tax revenue received by a political subdivision underIC 4-33-12-6, IC 4-33-13, or an agreement to share a city's orcounty's part of the tax revenue.
As added by P.L.2-2006, SEC.170.
IC 20-47-1-2
"Public school endowment corporation"
Sec. 2. As used in this chapter, "public school endowmentcorporation" means a corporation that is:
(1) organized under the Indiana Nonprofit Corporation Act of1991 (IC 23-17);
(2) organized exclusively for educational, charitable, andscientific purposes; and
(3) formed to provide educational resources to:
(A) a particular school corporation or school corporations;or
(B) the schools in a particular geographic area.
As added by P.L.2-2006, SEC.170.
IC 20-47-1-2.5
"Qualified foundation"
Sec. 2.5. As used in this chapter, "qualified foundation" means:
(1) a nonprofit charitable community foundation; or
(2) a public school endowment corporation.
As added by P.L.11-2008, SEC.1.
IC 20-47-1-3
Political subdivisions; donations of gaming revenues to publicschool endowment corporations
Sec. 3. (a) As used in this section, "gaming revenue" has themeaning set forth in IC 36-1-14-1(b).
(b) A political subdivision may donate gaming revenue to a publicschool endowment corporation under the following conditions:
(1) The public school endowment corporation retains all rightsto the donation, including investment powers.
(2) The public school endowment corporation agrees to returnthe donation to the political subdivision if the corporation:
(A) loses the corporation's status as a public charitableorganization;
(B) is liquidated; or (C) violates any condition of the endowment set by the fiscalbody of the political subdivision.
As added by P.L.2-2006, SEC.170. Amended by P.L.142-2009,SEC.29.
IC 20-47-1-4
Public school endowment corporation; distributions from principaland income
Sec. 4. A public school endowment corporation may distributeboth principal and income.
As added by P.L.2-2006, SEC.170.
IC 20-47-1-5
School corporations; powers; donations to foundation
Sec. 5. (a) The governing body of a school corporation maydonate the proceeds of a grant, a gift, a donation, an endowment, abequest, a trust, an agreement to share tax revenue received by a cityor county under IC 4-33-12-6 or IC 4-33-13, or an agreement to sharerevenue received by a political subdivision under IC 4-35-8.5, orother funds not generated from taxes levied by the schoolcorporation, to a foundation under the following conditions:
(1) The foundation is a charitable nonprofit communityfoundation.
(2) The foundation retains all rights to the donation, includinginvestment powers, except as provided in subdivision (3).
(3) The foundation agrees to do the following:
(A) Hold the donation as a permanent endowment.
(B) Distribute the income from the donation only to theschool corporation as directed by resolution of the governingbody of the school corporation.
(C) Return the donation to the general fund of the schoolcorporation if the foundation:
(i) loses the foundation's status as a public charitableorganization;
(ii) is liquidated; or
(iii) violates any condition of the endowment set by thegoverning body of the school corporation.
(b) A school corporation may use income received under thissection from a community foundation only for purposes of the schoolcorporation.
As added by P.L.2-2006, SEC.170. Amended by P.L.142-2009,SEC.30.
IC 20-47-1-6
School corporations; donating to qualified foundations
Sec. 6. (a) The governing body of a school corporation mayannually donate an amount not to exceed twenty-five thousanddollars ($25,000) from the general fund of the school corporation toa qualified foundation under the following conditions:
(1) For every dollar that the school corporation donates to the
qualified foundation, a private individual or entity must donateat least one dollar ($1) to the qualified foundation:
(A) for the benefit of the school corporation; and
(B) for the purposes designated by the school corporation forthe school corporation's donation.
(2) The qualified foundation retains all rights to the donation,including investment powers, except as provided in subdivision(3).
(3) The qualified foundation agrees to do the following:
(A) Distribute the principal and income from the donationonly to the school corporation as directed by resolution ofthe governing body of the school corporation.
(B) Return the donation to the general fund of the schoolcorporation if the qualified foundation:
(i) ceases to operate as a qualified foundation;
(ii) is liquidated; or
(iii) violates any condition of the endowment set by thegoverning body of the school corporation.
(C) Open the books of the qualified foundation forexamination at the request of the state board of accounts tothe extent necessary for the state board of accounts todetermine the manner in which the school corporation'sdonation and any matching donations have been held ordistributed.
(b) A school corporation may use distributions from a qualifiedfoundation received under a resolution referred to in subsection(a)(3)(A) only for programs and activities that:
(1) enhance the quality of education; or
(2) extend learning opportunities;
for students of the school corporation.
(c) This section expires June 30, 2012.
As added by P.L.45-2007, SEC.1. Amended by P.L.11-2008, SEC.2.