John Glenn 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, and 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

Adopted 12/21/05