Sec. 13. (a) Notwithstanding section 12 of this chapter, the board may establish a nonprofit subsidiary corporation to solicit and accept private sector funding, gifts, donations, bequests, devises, and contributions.

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Terms Used In Indiana Code 5-28-5-13

  • 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) must use money received under subsection (a) to carry out in any manner the purposes and programs under this article;

(2) must 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) Except as provided in IC 5-11-1-9(k), the state board of accounts shall audit a subsidiary corporation established under this section.

As added by P.L.4-2005, SEC.34. Amended by P.L.181-2015, SEC.24; P.L.237-2017, SEC.18; P.L.209-2019, SEC.6; P.L.59-2023, SEC.18; P.L.58-2023, SEC.5.

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