Indiana Code Title 20. Education § 20-24-3-2

Sec. 2. (a) An authorizer may not grant a charter to a for-profit entity.

(b) If an organizer has not received a determination by the Internal Revenue Service of its tax exempt status as of the date the organizer is scheduled to provide instruction to students attending the charter school, the organizer must request and receive express written authorization from the authorizer that the organizer may provide instruction to students attending the charter school pending such determination.

(c) The organizer shall immediately inform the authorizer if the organizer's tax exempt status is questioned, modified, or revoked by the Internal Revenue Service or if the organizer's nonprofit corporation status is questioned, modified, or revoked by the state.