Sec. 17. (a) The board may establish a nonprofit subsidiary corporation that is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code to solicit and accept private funding, gifts, donations, bequests, devises, and contributions.

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Terms Used In Indiana Code 31-26-4-17

  • board: refers to the Indiana kids first trust fund board established by section 5 of this chapter. See Indiana Code 31-26-4-2
  • 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.
  • fund: refers to the Indiana kids first trust fund established by section 12 of this chapter. See Indiana Code 31-26-4-3
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) The board shall study the topic of establishing a nonprofit subsidiary corporation described in subsection (a). Not later than December 31, 2021, the board shall submit a report to the general assembly in an electronic format under IC 5-14-6 addressing the board’s findings and determinations under this subsection. If the board determines to establish a nonprofit subsidiary corporation as described in subsection (a), the report must also include an implementation plan and estimated budget for the establishment of the nonprofit subsidiary corporation.

     (c) A subsidiary corporation established under this section is governed by a board of directors comprised of members appointed by the Indiana kids first trust fund board. Employees of the Indiana kids first trust fund board may serve on the board of directors of the subsidiary corporation. A subsidiary corporation established under this section:

(1) shall use money received under subsection (a) to carry out, in any manner, the purposes and programs of the board;

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

(A) the use of money received; and

(B) the balances in any accounts or funds established by the subsidiary corporation;

(3) may donate money received to the Indiana kids first trust fund; and

(4) may deposit money received in an account or fund that is:

(A) administered by the subsidiary corporation; and

(B) not part of the state treasury.

     (d) The board of directors of a subsidiary corporation established under this section shall post the minutes of a meeting on the subsidiary corporation’s Internet web site not later than ten (10) days after the minutes are approved by the board of directors.

     (e) Employees of the Indiana kids first trust fund board shall provide administrative support for a subsidiary corporation established under this section. Employees of the board directly involved in the subsidiary corporation may engage in fundraising activities on behalf of the subsidiary corporation.

     (f) The state board of accounts shall annually audit a subsidiary corporation established under this section.

As added by P.L.93-2021, SEC.5.

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