Indiana Code 14-20-15-7. Nonprofit corporation to assist commission
(1) tax exempt; and
Terms Used In Indiana Code 14-20-15-7
- Bequest: Property gifted by will.
- commission: refers to the Lewis and Clark expedition commission established by section 3 of this chapter. See Indiana Code 14-20-15-2
- 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.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
to assist in the duties and purposes of the commission.
(b) If a corporation is established under subsection (a), the corporation shall:
(1) operate exclusively for the benefit of;
(2) perform the functions of; and
(3) carry out the purposes of;
the commission.
(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) A record of the following:
(A) All money or other property received by the corporation as a donation, gift, devise, or bequest.
(B) The conditions attached to the donation, gift, devise, or bequest, if any.
(2) A record of all expenditures by the corporation during the period and the purposes of each expenditure.
(3) A statement of activities the corporation anticipates undertaking during the following period.
(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.