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IN HB1123
Bill
Status
1/8/2015
Primary Sponsor
Gregory Porter
Click for details
AI Summary
HB 1123 Summary
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School corporations may donate up to $25,000 annually from any legally available fund to a qualified foundation if matched dollar-for-dollar by private donors.
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Private donations must be designated for the same purposes as the school corporation's donation and benefit the school corporation.
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Qualified foundations must distribute principal and income only to the school corporation as directed by the governing body's resolution.
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Foundations must return donations to the school corporation's fund if the foundation ceases operations, is liquidated, or violates endowment conditions set by the school corporation.
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School corporations may use foundation distributions only for programs and activities that enhance education quality or extend learning opportunities for students.
Legislative Description
Donations to educational foundations. Reenacts a provision (which expired in 2012) that authorizes a school corporation to donate up to $25,000 per year from any fund of the school corporation from which the donation may be made legally to a public school endowment corporation or nonprofit charitable community foundation if the donation is matched by a private donor. Specifies that the principal and income from the donation shall be distributed only to the school corporation as directed by resolution of the governing body of the school corporation, and that the school corporation may use the distributions only for programs and
Last Action
Representative Karickhoff added as coauthor
1/15/2015