§ 14-20-15-7 — Nonprofit corporation to assist commission

(a) The commission may recommend the
establishment of a nonprofit corporation under IC 23-17 that is:
(1) tax exempt; and
(2) historically oriented;
to assist in the duties and purposes of the commission.
(b) If a corporation is established under subsection (a), the
corporation shall:
(1) operate exclusively for the benefit of;
(2) perform the functions of; and
(3) carry out the purposes of;
the commission.
(c) A corporation established under this section shall submit to the
commission quarterly reports of the corporation's activities during the
period. The reports must include the following:
(1) A record of the following:
(A) All money or other property received by the corporation as
a donation, gift, devise, or bequest.
(B) The conditions attached to the donation, gift, devise, or
bequest, if any.
(2) A record of all expenditures by the corporation during the
period and the purposes of each expenditure.
(3) A statement of activities the corporation anticipates
undertaking during the following period.
(d) The corporation established under this section is subject to audit
by the state board of accounts.

Legislative History

As added by P.L.54-2004, SEC.5.