Indiana § 20-26-5-22.5 Public school foundations

Indiana Statutes

§ 20-26-5-22.5 — Public school foundations

Indiana § 20-26-5-22.5

Title 20EDUCATION

Art. 26SCHOOL CORPORATIONS: GENERAL

Ch. 5General Powers and Duties

This text of Indiana § 20-26-5-22.5 (Public school foundations) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 20-26-5-22.5 (2026).

Text

5.

(a)A school corporation may participate in the establishment of a public school foundation.

(b)The governing body of a school corporation may receive the proceeds of a grant, a restricted gift, an unrestricted 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 other funds not generated from taxes levied by the school corporation to create a foundation under the following conditions:

(1)The foundation is:

(A)exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code; and

(B)organized as an Indiana nonprofit corporation for the purposes of providing educational funds for scholarships, teacher education, capital programs, and special programs for school co

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5. (a) A school corporation may participate
in the establishment of a public school foundation.
(b) The governing body of a school corporation may receive the
proceeds of a grant, a restricted gift, an unrestricted 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 other
funds not generated from taxes levied by the school corporation to
create a foundation under the following conditions:
(1) The foundation is:
(A) exempt from federal income taxation under Section
501(c)(3) of the Internal Revenue Code; and
(B) organized as an Indiana nonprofit corporation for the
purposes of providing educational funds for scholarships,
teacher education, capital programs, and special programs for
school corporations.
(2) Except as provided in subdivision (3), the foundation retains
all rights to a donation, including investment powers. The
foundation may hold a donation as a permanent endowment.
(3) The foundation agrees to do the following:
(A) Distribute the income from a donation only to the school
corporation.
(B) Return a donation to the operations fund of the school
corporation if the foundation:
(i) loses the foundation's status as a foundation exempt from
federal income taxation under Section 501(c)(3) of the
Internal Revenue Code;
(ii) is liquidated; or
(iii) violates any condition set forth in this subdivision.
(c) A school corporation may use the proceeds received under this
section from a foundation only for educational purposes of the school
corporation described in subsection (b)(1)(B).
(d) The governing body of the school corporation may appoint
members to the foundation.
(e) The treasurer of the governing body of the school corporation
may serve as the treasurer of the foundation.