Indiana Code Title 21. Higher Education § 21-18.5-4-5

Sec. 5. For purposes of administering this chapter, if the commission receives an offer of a gift, grant, devise, or bequest, the commission may accept a stipulation on the use of the donated funds.  In this case, the requirements under IC 21-12-1.7-3 concerning higher education awards and freedom of choice grants do not apply.  Before accepting a gift, grant, devise, or bequest, the commission shall determine that the purposes for which the donor proposes to provide funds are:

If the commission agrees to a stipulation on the use of donated funds, the commission and the donor, subject to approval by the budget agency and the governor or the governor's designee, shall execute an agreement.