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Indiana Code Title 4. State Offices and Administration § 4-12-15-2

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 2. (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.

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Cite this article: FindLaw.com - Indiana Code Title 4. State Offices and Administration § 4-12-15-2 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-4-state-offices-and-administration/in-code-sect-4-12-15-2/

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