§ 5-33-5-14 — Nonprofit subsidiary

Indiana § 5-33-5-14

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 33: INDIANA DESTINATION DEVELOPMENT
• Ch. 5: General Powers

Text

(a) The corporation 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 sector funding, gifts, donations, bequests, devises, and
contributions.
(b) A nonprofit subsidiary corporation established under this
section:
(1) must use money received under subsection (a) to carry out in
any manner the purposes and programs under this article;
(2) must 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
nonprofit subsidiary corporation; and
(3) may deposit money received under subsection (a) in an
account or fund that is:
(A) administered by the nonprofit subsidiary corporation; and
(B) not part of the state treasury.
(c) Except as provided in IC 5-11-1-9(m), the state board of
accounts shall audit a subsidiary corporation established under this
section.

Legislative History

As added by P.L.68-2023, SEC.4. Amended by P.L.170-2023, SEC.8.