(1) The board of directors of any public school district foundation, or foundation formed exclusively to benefit a particular public school, organized as a nonstock, nonprofit corporation under KRS Chapter 273 and that is either in existence on March 11, 2019, or incorporated after March 11, 2019, may accept gifts or donations that are restricted by the grantor to be used in furtherance of lawful school safety, security, and student health purposes to the extent allowed by applicable federal tax laws. The board of directors shall use gifts or donations exclusively for the purpose for which they are granted. (2) The General Assembly hereby finds and declares that private financial and philanthropic support of public school districts by all members of the community fosters greater student success, safety, and wellbeing. To advance these goals, the General Assembly hereby encourages the organization of foundations to support public school districts in any district for which no foundation exists on March 11, 2019, under KRS Chapter 273 relating to nonstock, nonprofit corporations. (3) Pursuant to KRS 160.580, a local board of education may directly accept gifts or donations that are restricted by the grantor to be used in furtherance of lawful school safety, security, and student health purposes to the extent allowed by applicable laws and shall use any accepted gift or donation for the purpose for which it was granted.
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