Sec. 1. (a) Except as provided in this section, money received by a school corporation for a specific purpose or purposes, by gift, endowment, or under a federal statute, may be accounted for by establishing separate funds apart from any other school corporation fund.

     (b) Subsection (a) does not apply if local tax funds are involved.

Terms Used In Indiana Code 20-40-14-1

  • 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.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Statute: A law passed by a legislature.
     (c) Money described in subsection (a) may not be accepted unless the:

(1) terms of the gift, endowment, or payment; and

(2) acceptance of the gift, endowment, or payment;

provide that the officers of the school corporation are not divested of any right or authority that the officers are granted by law.

[Pre-2006 Recodification Citation: 21-2-11-6 part.]

As added by P.L.2-2006, SEC.163. Amended by P.L.238-2019, SEC.13.