Indiana Code Title 4. State Offices and Administration § 4-24-3-2

Sec. 2. Acceptance of any such gifts, bequests and devises of real or personal property, or both, may be made by the executive officers of the institution benefited;  but the failure of such officers to make such acceptance at any time shall not invalidate or affect the gift, bequest, and devise, it being deemed that an acceptance has been made in the absence of a definite rejection.  No special form of acceptance is necessary, and no gift of value in excess of five hundred dollars ($500) shall be accepted by any institution named in section 1   1 or by the state for the use of such institution unless it be approved by the governor.