2012 Indiana Code
TITLE 20. EDUCATION
ARTICLE 47. RELATED ENTITIES; HOLDING COMPANIES; LEASE AGREEMENTS
CHAPTER 1. PUBLIC FOUNDATIONS

IC 20-47
ARTICLE 47. RELATED ENTITIES; HOLDING COMPANIES; LEASE AGREEMENTS

IC 20-47-1
Chapter 1. Public Foundations

IC 20-47-1-1
"Proceeds from riverboat gaming"
Sec. 1. As used in this chapter, "proceeds from riverboat gaming" means tax revenue received by a political subdivision under IC 4-33-12-6, IC 4-33-13, or an agreement to share a city's or county's part of the tax revenue.
As added by P.L.2-2006, SEC.170.

IC 20-47-1-2
"Public school endowment corporation"
Sec. 2. As used in this chapter, "public school endowment corporation" means a corporation that is:
(1) organized under the Indiana Nonprofit Corporation Act of 1991 (IC 23-17);
(2) organized exclusively for educational, charitable, and scientific purposes; and
(3) formed to provide educational resources to:
(A) a particular school corporation or school corporations; or
(B) the schools in a particular geographic area.
As added by P.L.2-2006, SEC.170.

IC 20-47-1-2.5
"Qualified foundation"
Sec. 2.5. As used in this chapter, "qualified foundation" means:
(1) a nonprofit charitable community foundation; or
(2) a public school endowment corporation.
As added by P.L.11-2008, SEC.1.

IC 20-47-1-3
Political subdivisions; donations of gaming revenues to public school endowment corporations
Sec. 3. (a) As used in this section, "gaming revenue" has the meaning set forth in IC 36-1-14-1(b).
(b) A political subdivision may donate gaming revenue to a public school endowment corporation under the following conditions:
(1) The public school endowment corporation retains all rights to the donation, including investment powers.
(2) The public school endowment corporation agrees to return the donation to the political subdivision if the corporation:
(A) loses the corporation's status as a public charitable organization;
(B) is liquidated; or (C) violates any condition of the endowment set by the fiscal body of the political subdivision.
As added by P.L.2-2006, SEC.170. Amended by P.L.142-2009, SEC.29.

IC 20-47-1-4
Public school endowment corporation; distributions from principal and income
Sec. 4. A public school endowment corporation may distribute both principal and income.
As added by P.L.2-2006, SEC.170.

IC 20-47-1-5
School corporations; powers; donations to foundation
Sec. 5. (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 general 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.
As added by P.L.2-2006, SEC.170. Amended by P.L.142-2009, SEC.30.

IC 20-47-1-6
Expired
(Expired 6-30-2012 by P.L.11-2008, SEC.2.)