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IN HB1160
Bill
Status
1/7/2019
Primary Sponsor
Sheila Klinker
Click for details
AI Summary
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Indiana Department of Veterans' Affairs may establish a 501(c)(3) nonprofit foundation to solicit and accept private funding, gifts, donations, bequests, and contributions for the Indiana Veterans' Home
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Foundation funds must be used exclusively to support the Indiana Veterans' Home and carry out its purposes and programs
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Foundation may deposit received funds in accounts administered by the foundation that are separate from the state treasury
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Governance board includes the director of the department plus additional members appointed by the Indiana Veterans' Affairs Commission, with department employees providing administrative support
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State Board of Accounts must conduct an annual audit of the foundation; effective date July 1, 2019
Legislative Description
Foundation to support the Indiana Veterans' Home. Allows the Indiana department of veterans' affairs to establish a foundation that is a nonprofit corporation exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code. Provides that the foundation may accept private funding, gifts, donations, and bequests. Requires the foundation to use any money received to support the Indiana Veterans' Home and to carry out purposes and programs related to the Indiana Veterans' Home. Requires an annual audit of the foundation by the state board of accounts.
Last Action
First reading: referred to Committee on Ways and Means
1/7/2019