Ind. Code § 5-28-5-13
Nonprofit subsidiary corporation
Indiana · Indiana Code Title 5 — State and Local Administration · Status: effective
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- Ind. Code § 5-28-5-13, Nonprofit subsidiary corporation, Indiana, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1609511
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Full text
Sec. 13.
(a) Notwithstanding section 12 of this chapter, the board may establish a nonprofit subsidiary corporation to solicit and accept private sector funding, gifts, donations, bequests, devises, and contributions.
(b) A subsidiary corporation established under this section:
(1) must use money received under subsection (a) to carry out in any manner the purposes and programs under this article;
(2) must report to the budget committee each year concerning:
(A) the use of money received under subsection (a); and
(B) the balances in any accounts or funds established by the subsidiary corporation; and
(3) may deposit money received under subsection (a) in an account or fund that is:
(A) administered by the subsidiary corporation; and
(B) not part of the state treasury.
(c) Except as provided in IC 5-11-1-9(k), the state board of accounts shall audit a subsidiary corporation established under this section.