Note: This version of section effective until 1-1-2019. See also following version of this section, effective 1-1-2019.

1. (1) The foundation is a charitable nonprofit community foundation.
2. (2) The foundation retains all rights to the donation, including investment powers, except as provided in subdivision (3).

3. (3) The foundation agrees to do the following:

   1. (A) Hold the donation as a permanent endowment.
   2. (B) Distribute the income from the donation only to the school corporation as directed by resolution of the governing body of the school corporation.

   3. (C) Return the donation to the general fund of the school corporation if the foundation:

      1. (i) loses the foundation's status as a public charitable organization;
      2. (ii) is liquidated; or
      3. (iii) violates any condition of the endowment set by the governing body of the school corporation.

      4. (b) A school corporation may use income received under this section from a community foundation only for purposes of the school corporation.

         [Pre-2006 Recodification Citation: 20-26-5-22.]

Sec. 5. (a) The governing body of a school corporation may donate the proceeds of a grant, a gift, a donation, an endowment, a bequest, a trust, an agreement to share tax revenue received by a city or county under IC 4-33-12-6 or IC 4-33-13 , or an agreement to share revenue received by a political subdivision under IC 4-35-8.5 , or other funds not generated from taxes levied by the school corporation, to a foundation under the following conditions:

As added by P.L.2-2006, SEC.170. Amended by P.L.142-2009, SEC.30.