IN HB1244

Authorizes school corporations to donate up to $25,000 annually from the general fund to a public school endowment corporation or community foundation if matched dollar-for-dollar by private donors.

Requires the qualified foundation to distribute principal and income only to the school corporation as directed by the governing body's resolution.

Mandates the foundation return donations to the school corporation's general fund if it ceases operations, is liquidated, or violates endowment conditions set by the governing body.

Restricts school corporation use of distributions to programs and activities that enhance education quality or extend learning opportunities for students.

Requires the qualified foundation to open its books for examination by the state board of accounts to verify proper handling of school and matching donations.

Section expires June 30, 2019.