| Greenwood Community School Corporation |
| 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); | ||
| 2. | is liquidated; | ||
| 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.
I.C. 20-26-5-22.5