Indiana § 31-26-4-17 Nonprofit subsidiary corporation; duties; report

Indiana Statutes

§ 31-26-4-17 — Nonprofit subsidiary corporation; duties; report

Indiana·Art. 26 CHILD SERVICES: PROGRAMS·Ch. 4 Indiana Kids First Trust

(a)The board may establish a nonprofit subsidiary corporation that is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code to solicit and accept private funding, gifts, donations, bequests, devises, and contributions.

(b)The board shall study the topic of establishing a nonprofit subsidiary corporation described in subsection (a). Not later than December 31, 2021, the board shall submit a report to the general assembly in an electronic format under IC 5-14-6 addressing the board's findings and determinations under this subsection. If the board determines to establish a nonprofit subsidiary corporation as described in subsection (a), the report must also include an implementation plan and estimated budget for the establishment of the nonprofit subsidiar

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(a) The board may establish a nonprofit
subsidiary corporation that is exempt from federal income taxation
under Section 501(c)(3) of the Internal Revenue Code to solicit and
accept private funding, gifts, donations, bequests, devises, and
contributions.
(b) The board shall study the topic of establishing a nonprofit
subsidiary corporation described in subsection (a). Not later than
December 31, 2021, the board shall submit a report to the general
assembly in an electronic format under IC 5-14-6 addressing the
board's findings and determinations under this subsection. If the board
determines to establish a nonprofit subsidiary corporation as described
in subsection (a), the report must also include an implementation plan
and estimated budget for the establishment of the nonprofit subsidiary
corporation.
(c) A subsidiary corporation established under this section is
governed by a board of directors comprised of members appointed by
the Indiana kids first trust fund board. Employees of the Indiana kids
first trust fund board may serve on the board of directors of the
subsidiary corporation. A subsidiary corporation established under this
section:
(1) shall use money received under subsection (a) to carry out, in
any manner, the purposes and programs of the board;
(2) shall report to the budget committee each year concerning:
(A) the use of money received; and
(B) the balances in any accounts or funds established by the
subsidiary corporation;
(3) may donate money received to the Indiana kids first trust fund;
and
(4) may deposit money received in an account or fund that is:
(A) administered by the subsidiary corporation; and
(B) not part of the state treasury.
(d) The board of directors of a subsidiary corporation established
under this section shall post the minutes of a meeting on the subsidiary
corporation's Internet web site not later than ten (10) days after the
minutes are approved by the board of directors.
(e) Employees of the Indiana kids first trust fund board shall provide
administrative support for a subsidiary corporation established under
this section. Employees of the board directly involved in the subsidiary
corporation may engage in fundraising activities on behalf of the
subsidiary corporation.
(f) The state board of accounts shall annually audit a subsidiary
corporation established under this section.

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