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IC 36-1-14-1
Requirements for donations to foundations; exception
Sec. 1. (a) This section does not apply to donations of proceeds
from riverboat gaming to a public school endowment corporation
under IC 20-47-1-3.
(b) As used in this section, "riverboat gaming revenue" means tax
revenue received by a unit under IC 4-33-12-6, IC 4-33-13, or an
agreement to share a city's or county's part of the tax revenue.
(c) Notwithstanding IC 8-1.5-2-6(d), a unit may donate the
proceeds from the sale of a utility or facility or from a grant, a gift,
a donation, an endowment, a bequest, a trust, or riverboat gaming
revenue to a foundation under the following conditions:
(1) The foundation is a charitable nonprofit community
foundation.
(2) The foundation retains all rights to the donation, including
investment powers.
(3) The foundation agrees to do the following:
(A) Hold the donation as a permanent endowment.
(B) Distribute the income from the donation only to the unit
as directed by resolution of the fiscal body of the unit.
(C) Return the donation to the general fund of the unit if the
foundation:
(i) loses the foundation's status as a public charitable
organization;
(ii) is liquidated; or
(iii) violates any condition of the endowment set by the
fiscal body of the unit.
As added by P.L.313-1995, SEC.1. Amended by P.L.17-2000, SEC.2;
P.L.1-2005, SEC.236; P.L.231-2005, SEC.51; P.L.1-2006, SEC.558;
P.L.2-2006, SEC.190.
IC 36-1-14-2
Income from community foundation
Sec. 2. A unit may use income received under this chapter from
a community foundation only for purposes of the unit.
As added by P.L.313-1995, SEC.1.