§ 20-47-1-5 — School corporations; powers; donations to foundation

(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 operations 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.
[Pre-2006 Recodification Citation: 20-26-5-22.]

Legislative History

As added by P.L.2-2006, SEC.170. Amended by P.L.142-2009, SEC.30; P.L.244-2017, SEC.107.