Pennsylvania Statutes Title 24 P.S. Education § 2-216. Gifts to districts; investment accounts

(a) It shall be lawful for any school district to receive and hold, absolutely or in trust, any devise, bequest, grant, endowment, gift, or donation of any property, real or personal, which shall be made to said school district or for any of the purposes of this act.  1 Any such devise, bequest, grant, endowment, gift, or donation shall be administered by or under the direction of the board of directors of the district to which it is made, subject to all the conditions and trusts thereto annexed. The board of school directors shall not be obliged to accept any such devise, bequest, grant, endowment, gift, or donation unless it deems it proper so to do.

(b) The board of school directors shall promptly invest, and keep invested as constantly as possible and to the best advantage, any devise, bequest, grant, endowment, gift, or donation accepted, and the proceeds thereof. Such investment may be made in obligations declared to be legal investments in the act of May twenty-six, one thousand nine hundred forty-nine (Pamphlet Laws 1828), known as the “Fiduciaries Investment Act of 1949”. 2

(c) It shall be the duty of the board of school directors to keep an accurate account of all devises, bequests, grants, endowments, gifts, and donations accepted, the income arising therefrom, the proceeds thereof, and the expenses of administering the same; and at the end of each fiscal year to render a detailed statement of such devises, bequests, grants, endowments, gifts, and donations, held and possessed by such school district, the proceeds thereof, the investments which have been made therewith, the income arising therefrom, the expenses of administration, and the purposes to which the income arising therefrom have been applied. Such statement shall be audited as hereinafter provided for the auditing of school finances.