Indiana Code
Chapter 5. General Powers
5-28-5-13. Nonprofit Subsidiary Corporation

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(j), the state board of accounts shall audit a subsidiary corporation established under this section.
As added by P.L.4-2005, SEC.34. Amended by P.L.181-2015, SEC.24; P.L.237-2017, SEC.18; P.L.209-2019, SEC.6.

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