OH SB12

School district boards of education, community schools, and STEM schools may designate community foundations to create component funds for managing charitable gifts, endowments, and institutional funds received by the schools

Community foundations must meet specific criteria: organized as Ohio nonprofit corporations, tax-exempt under federal law, serve a defined geographic area, and publish annual audited reports of fund balances and activities

Funds held by community foundations for public schools under these provisions are classified as "institutional funds" under Ohio's Uniform Prudent Management of Institutional Funds Act (sections 1715.51-1715.59)

Original conditions and limitations on gifts or endowments remain in effect when transferred to community foundation component funds

Community foundations must return property to schools if the foundation no longer meets qualifying criteria, is liquidated, or substantially violates conditions imposed on the property