6670 - EDUCATIONAL FOUNDATION

The School Board may receive the proceeds from a grant, a restricted gift, an unrestricted gift, a donation, an endowment, a bequest, a trust, an agreement to share tax revenue received by a city or county, or other funds not generated from taxes levied by the School Corporation to create a foundation if the foundation is:

1. exempt from Federal taxation under Section 501 (c)(3);

2. organized as an Indiana nonprofit corporation for the purpose of providing education funds for scholarships, teacher education, capital programs, and special programs.

The foundation retains all rights to a donation including investment powers. The foundation may hold a donation as permanent endowment.

The foundation agrees to do the following:

1. Distribute the income from a donation only to a School Corporation.

2. Return a donation to the general fund of the School Corporation if the foundation:

   1. loses its status as an exempt foundation under Section 501 (c)(3);

   2. is liquidated;

   3. violates any State law.

The School Board may appoint members of the foundation board. The Treasurer of the School Corporation may serve as the Treasurer of the foundation.

© Neola 2013