1. (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.

2. (b) A subsidiary corporation established under this section:

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

   2. (2) must report to the budget committee each year concerning:

      1. (A) the use of money received under subsection (a); and
      2. (B) the balances in any accounts or funds established by the subsidiary corporation; and

   3. (3) may deposit money received under subsection (a) in an account or fund that is:

      1. (A) administered by the subsidiary corporation; and
      2. (B) not part of the state treasury.
3. (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.