|School City of East Chicago|
|Bylaws & Policies|
6670 - EDUCATIONAL FOUNDATION
The School Board may receive the proceeds from a grant, a restricted gift, an unrestricted gift, a donation, an endowment, a bequest, a trust, an agreement to share tax revenue received by a city or county, or other funds not generated from taxes levied by the School Corporation to create a foundation if the foundation is:
|A.||exempt from Federal taxation under Section 501 (c)(3);|
|B.||organized as an Indiana nonprofit corporation for the purpose of providing education funds for scholarships, teacher education, capital programs, and special programs.|
The foundation retains all rights to a donation including investment powers. The foundation may hold a donation as permanent endowment.
The foundation agrees to do the following:
|A.||Distribute the income from a donation only to a School Corporation.|
|B.||Return a donation to the general fund of the School Corporation if the foundation:|
|1.||loses its status as an exempt foundation under Section 501 (c)(3);|
|3.||violates any state law.|
The School Board may appoint members of the foundation board. The Treasurer of the School Corporation may serve as the Treasurer of the foundation.
© Neola 2006