Sec. 11. (a) The commission 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.

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Terms Used In Indiana Code 15-13-3-11

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (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 under this article;

(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 the members of the commission.

     (d) Employees of the commission 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.

As added by P.L.20-2011, SEC.2. Amended by P.L.6-2012, SEC.108; P.L.181-2015, SEC.38.

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