Indiana § 4-12-15-2 Establishment of nonprofit subsidiary for faith-based and community
initiatives subsidiary corporation

Indiana Statutes

§ 4-12-15-2 — Establishment of nonprofit subsidiary for faith-based and community initiatives subsidiary corporation

Indiana·Art. 12 APPROPRIATIONS MANAGEMENT·Ch. 15 Faith-Based and Community Initiatives Subsidiary

(a)The office 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)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 office;

(2)shall report to the budget committee each year concerning:

(A)the use of money received under subsection (a); and

(B)the balances in any accounts or funds established by the subsidiary corporation; and

(3)may deposit money received under subsection (a) in an account or fund that is:

(A)administered by the subsidiary corporation; and

(B)not part of the s

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(a) The office 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) 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 office;
(2) shall report to the budget committee each year concerning:
(A) the use of money received under subsection (a); and
(B) the balances in any accounts or funds established by the
subsidiary corporation; and
(3) may deposit money received under subsection (a) in an
account or fund that is:
(A) administered by the subsidiary corporation; and
(B) not part of the state treasury.
(c) A subsidiary corporation established under this section is
governed by a board of directors comprised of members appointed by
the office.
(d) Employees of the office shall provide administrative support for
a subsidiary corporation established under this section.
(e) The state board of accounts shall audit a subsidiary corporation
established under this section.

Indiana § 4-12-15-2 (Establishment of nonprofit subsidiary for faith-based and community initiatives subsidiary corporation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.