IN SB0478

Requires the commission to report annually to its advisory committee on the activities and financial condition of any nonprofit subsidiary corporation established under the new section

Authorizes the commission to establish a nonprofit subsidiary corporation exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code to solicit and accept private funding, gifts, donations, bequests, and contributions

Requires the subsidiary corporation to use received money to carry out the purposes and programs of the article and report annually to the budget committee on money use and account balances

Allows the subsidiary corporation to deposit private funds in accounts or funds administered by the corporation that are not part of the state treasury

Establishes that the subsidiary corporation is governed by a board of directors comprised of commission members, supported administratively by commission employees, and subject to annual audit by the state board of accounts