IC 20-47 ARTICLE 47. RELATED ENTITIES; HOLDING
COMPANIES; 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 under
IC 4-33-12-6, IC 4-33-13, or an agreement to share a city's or
county'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 endowment
corporation" means a corporation that is:
(1) organized under the Indiana Nonprofit Corporation Act of
1991 (IC 23-17);
(2) organized exclusively for educational, charitable, and
scientific 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 public
school endowment corporations
Sec. 3. (a) As used in this section, "gaming revenue" has the
meaning set forth in IC 36-1-14-1(b).
(b) A political subdivision may donate gaming revenue to a public
school endowment corporation under the following conditions:
(1) The public school endowment corporation retains all rights
to the donation, including investment powers.
(2) The public school endowment corporation agrees to return
the donation to the political subdivision if the corporation:
(A) loses the corporation's status as a public charitable
organization;
(B) is liquidated; or
(C) violates any condition of the endowment set by the fiscal
body 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 principal
and income
Sec. 4. A public school endowment corporation may distribute
both 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 may
donate the proceeds of a grant, a gift, a donation, an endowment, a
bequest, a trust, an agreement to share tax revenue received by a city
or county under IC 4-33-12-6 or IC 4-33-13, or an agreement to share
revenue received by a political subdivision under IC 4-35-8.5, or
other funds not generated from taxes levied by the school
corporation, to a foundation under the following conditions:
(1) The foundation is a charitable nonprofit community
foundation.
(2) The foundation retains all rights to the donation, including
investment 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 the
school corporation as directed by resolution of the governing
body of the school corporation.
(C) Return the donation to the general fund of the school
corporation if the foundation:
(i) loses the foundation's status as a public charitable
organization;
(ii) is liquidated; or
(iii) violates any condition of the endowment set by the
governing body of the school corporation.
(b) A school corporation may use income received under this
section from a community foundation only for purposes of the school
corporation. 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 may
annually donate an amount not to exceed twenty-five thousand
dollars ($25,000) from the general fund of the school corporation to
a 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 donate
at 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 for
the 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 donation
only to the school corporation as directed by resolution of
the governing body of the school corporation.
(B) Return the donation to the general fund of the school
corporation 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 the
governing body of the school corporation.
(C) Open the books of the qualified foundation for
examination at the request of the state board of accounts to
the extent necessary for the state board of accounts to
determine the manner in which the school corporation's
donation and any matching donations have been held or
distributed.
(b) A school corporation may use distributions from a qualified
foundation 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.
IC 20-47 ARTICLE 47. RELATED ENTITIES; HOLDING
COMPANIES; 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 under
IC 4-33-12-6, IC 4-33-13, or an agreement to share a city's or
county'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 endowment
corporation" means a corporation that is:
(1) organized under the Indiana Nonprofit Corporation Act of
1991 (IC 23-17);
(2) organized exclusively for educational, charitable, and
scientific 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 public
school endowment corporations
Sec. 3. (a) As used in this section, "gaming revenue" has the
meaning set forth in IC 36-1-14-1(b).
(b) A political subdivision may donate gaming revenue to a public
school endowment corporation under the following conditions:
(1) The public school endowment corporation retains all rights
to the donation, including investment powers.
(2) The public school endowment corporation agrees to return
the donation to the political subdivision if the corporation:
(A) loses the corporation's status as a public charitable
organization;
(B) is liquidated; or
(C) violates any condition of the endowment set by the fiscal
body 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 principal
and income
Sec. 4. A public school endowment corporation may distribute
both 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 may
donate the proceeds of a grant, a gift, a donation, an endowment, a
bequest, a trust, an agreement to share tax revenue received by a city
or county under IC 4-33-12-6 or IC 4-33-13, or an agreement to share
revenue received by a political subdivision under IC 4-35-8.5, or
other funds not generated from taxes levied by the school
corporation, to a foundation under the following conditions:
(1) The foundation is a charitable nonprofit community
foundation.
(2) The foundation retains all rights to the donation, including
investment 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 the
school corporation as directed by resolution of the governing
body of the school corporation.
(C) Return the donation to the general fund of the school
corporation if the foundation:
(i) loses the foundation's status as a public charitable
organization;
(ii) is liquidated; or
(iii) violates any condition of the endowment set by the
governing body of the school corporation.
(b) A school corporation may use income received under this
section from a community foundation only for purposes of the school
corporation. 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 may
annually donate an amount not to exceed twenty-five thousand
dollars ($25,000) from the general fund of the school corporation to
a 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 donate
at 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 for
the 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 donation
only to the school corporation as directed by resolution of
the governing body of the school corporation.
(B) Return the donation to the general fund of the school
corporation 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 the
governing body of the school corporation.
(C) Open the books of the qualified foundation for
examination at the request of the state board of accounts to
the extent necessary for the state board of accounts to
determine the manner in which the school corporation's
donation and any matching donations have been held or
distributed.
(b) A school corporation may use distributions from a qualified
foundation 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.
IC 20-47 ARTICLE 47. RELATED ENTITIES; HOLDING
COMPANIES; 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 under
IC 4-33-12-6, IC 4-33-13, or an agreement to share a city's or
county'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 endowment
corporation" means a corporation that is:
(1) organized under the Indiana Nonprofit Corporation Act of
1991 (IC 23-17);
(2) organized exclusively for educational, charitable, and
scientific 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 public
school endowment corporations
Sec. 3. (a) As used in this section, "gaming revenue" has the
meaning set forth in IC 36-1-14-1(b).
(b) A political subdivision may donate gaming revenue to a public
school endowment corporation under the following conditions:
(1) The public school endowment corporation retains all rights
to the donation, including investment powers.
(2) The public school endowment corporation agrees to return
the donation to the political subdivision if the corporation:
(A) loses the corporation's status as a public charitable
organization;
(B) is liquidated; or
(C) violates any condition of the endowment set by the fiscal
body 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 principal
and income
Sec. 4. A public school endowment corporation may distribute
both 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 may
donate the proceeds of a grant, a gift, a donation, an endowment, a
bequest, a trust, an agreement to share tax revenue received by a city
or county under IC 4-33-12-6 or IC 4-33-13, or an agreement to share
revenue received by a political subdivision under IC 4-35-8.5, or
other funds not generated from taxes levied by the school
corporation, to a foundation under the following conditions:
(1) The foundation is a charitable nonprofit community
foundation.
(2) The foundation retains all rights to the donation, including
investment 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 the
school corporation as directed by resolution of the governing
body of the school corporation.
(C) Return the donation to the general fund of the school
corporation if the foundation:
(i) loses the foundation's status as a public charitable
organization;
(ii) is liquidated; or
(iii) violates any condition of the endowment set by the
governing body of the school corporation.
(b) A school corporation may use income received under this
section from a community foundation only for purposes of the school
corporation. 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 may
annually donate an amount not to exceed twenty-five thousand
dollars ($25,000) from the general fund of the school corporation to
a 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 donate
at 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 for
the 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 donation
only to the school corporation as directed by resolution of
the governing body of the school corporation.
(B) Return the donation to the general fund of the school
corporation 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 the
governing body of the school corporation.
(C) Open the books of the qualified foundation for
examination at the request of the state board of accounts to
the extent necessary for the state board of accounts to
determine the manner in which the school corporation's
donation and any matching donations have been held or
distributed.
(b) A school corporation may use distributions from a qualified
foundation 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.
