A. A board may apply for and receive a charter as a private, nonprofit corporation under the laws of this state and may choose to be recognized as a Section 501(c)(3) organization under the Internal Revenue Code of 1986 (26 U.S.C. 501(c)(3)). B. In addition to receiving funds specified in this Chapter, a board may solicit additional funds from other public and private sources. C. A board may not solicit or accept money from an entity with which the board contracts for the delivery of services.
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