Sec. 7. (a) The commission may recommend the establishment of a nonprofit corporation under IC 23-17 that is: (1) tax exempt; and (2) historically oriented; to assist in the duties and purposes of the commission. (b) If a corporation is established under subsection (a), the corporation shall: (1) operate exclusively for the benefit of; (2) perform the functions of; and (3) carry out the purposes of; the commission. (c) A corporation established under this section shall submit to the commission quarterly reports of the corporation's activities during the period. The reports must include the following: (1) A record of the following: (A) All money or other property received by the corporation as a donation, gift, devise, or bequest. (B) The conditions attached to the donation, gift, devise, or bequest, if any. (2) A record of all expenditures by the corporation during the period and the purposes of each expenditure. (3) A statement of activities the corporation anticipates undertaking during the following period. (d) The corporation established under this section is subject to audit by the state board of accounts.
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