Kentucky Statutes 158.4461 – The General Assembly finds that private financial and philanthropic support of public school districts by all members of the community fosters student success, safety, and well-being — The General Assembly encourages the…
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(1) The board of directors of any public school district foundation, or foundation formed exclusively to benefit a particular public school, organized as a nonstock, nonprofit corporation under KRS Chapter 273 and that is either in existence on March 11, 2019, or incorporated after March 11, 2019, may accept gifts or donations that are restricted by the grantor to be used in furtherance of lawful school safety, security, and student health purposes to the extent allowed by applicable federal tax laws. The board of directors shall use gifts or donations exclusively for the purpose for which they are granted.
(2) The General Assembly hereby finds and declares that private financial and philanthropic support of public school districts by all members of the community fosters greater student success, safety, and wellbeing. To advance these goals, the General Assembly hereby encourages the organization of foundations to support public school districts in any district for which no foundation exists on March 11, 2019, under KRS Chapter 273 relating to nonstock, nonprofit corporations.
(3) Pursuant to KRS § 160.580, a local board of education may directly accept gifts or donations that are restricted by the grantor to be used in furtherance of lawful school safety, security, and student health purposes to the extent allowed by applicable laws and shall use any accepted gift or donation for the purpose for which it was granted.
Effective:March 11, 2019
History: Created 2019 Ky. Acts ch. 5, sec. 23, effective March 11, 2019.
(2) The General Assembly hereby finds and declares that private financial and philanthropic support of public school districts by all members of the community fosters greater student success, safety, and wellbeing. To advance these goals, the General Assembly hereby encourages the organization of foundations to support public school districts in any district for which no foundation exists on March 11, 2019, under KRS Chapter 273 relating to nonstock, nonprofit corporations.
Terms Used In Kentucky Statutes 158.4461
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Grantor: The person who establishes a trust and places property into it.
- School safety: means a program of prevention that protects students and staff from substance abuse, violence, bullying, theft, the sale or use of illegal substances, exposure to weapons and threats on school grounds, and injury from severe weather, fire, and natural disasters. See Kentucky Statutes 158.441
(3) Pursuant to KRS § 160.580, a local board of education may directly accept gifts or donations that are restricted by the grantor to be used in furtherance of lawful school safety, security, and student health purposes to the extent allowed by applicable laws and shall use any accepted gift or donation for the purpose for which it was granted.
Effective:March 11, 2019
History: Created 2019 Ky. Acts ch. 5, sec. 23, effective March 11, 2019.