Sec. 4. (a) All money appropriated by Acts 1967, c.180, s.3, and all money received by
gift,
bequest, or contributions shall not revert to the state general fund at the close of any
fiscal year, but remains available for the use of this commission until the provisions of this chapter are fulfilled.
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Terms Used In Indiana Code 4-23-15-4
- Bequest: Property gifted by will.
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(c) Acquisitions of materials, furnishings, and supplies, contracts, or work labor are not subject to the bidding, advertising, and bonding procedures if:
(1) acquired entirely by money received by gift, bequest, or contribution to the commission; or
(2) directly contributed by any person, partnership, corporation, limited liability company, association, or other organization.
Formerly: Acts 1975, P.L.33, SEC.1. As amended by P.L.1-1989, SEC.13; P.L.8-1993, SEC.31.
