1. (a) The commission may recommend the establishment of a nonprofit corporation under IC 23-17 that is:

   1. (1) tax exempt; and

   2. (2) historically oriented;

      to assist in the duties and purposes of the commission.

2. (b) If a corporation is established under subsection (a), the corporation shall:

   1. (1) operate exclusively for the benefit of;
   2. (2) perform the functions of; and

   3. (3) carry out the purposes of;

      the commission.

3. (c) A corporation established under this section shall submit to the commission quarterly reports of the corporation's activities during the period. The reports must include the following:

   1. (1) A record of the following:

      1. (A) All money or other property received by the corporation as a donation, gift, devise, or bequest.
      2. (B) The conditions attached to the donation, gift, devise, or bequest, if any.
   2. (2) A record of all expenditures by the corporation during the period and the purposes of each expenditure.
   3. (3) A statement of activities the corporation anticipates undertaking during the following period.
4. (d) The corporation established under this section is subject to audit by the state board of accounts.

As added by P.L.54-2004, SEC.5.