Sec. 14. (a) The corporation 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 sector funding, gifts, donations, bequests, devises, and contributions.

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Terms Used In Indiana Code 5-33-5-14

  • 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.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) A nonprofit subsidiary corporation established under this section:

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

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

(A) the use of money received under subsection (a); and

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

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

(A) administered by the nonprofit subsidiary corporation; and

(B) not part of the state treasury.

     (c) Except as provided in IC 5-11-1-9(m), the state board of accounts shall audit a subsidiary corporation established under this section.

As added by P.L.68-2023, SEC.4. Amended by P.L.170-2023, SEC.8.

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