| Metropolitan School District of Decatur Township |
| Bylaws & Policies |
6670 - EDUCATIONAL FOUNDATION
The Board of School Trustees 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 District 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 District. | |
| B. | Return a donation to the general fund of the School District if the foundation: |
| 1. | loses its status as an exempt foundation under Section 501 (c)(3); | ||
| 2. | is liquidated; | ||
| 3. | violates any state law. |
Donations to the Decatur Township Educational Foundation are not to be used for the purpose of Student Scholarships.
The Superintendent and Board President or their designee(s) will hold permanent official seats with vote on the Foundation Board.
The Treasurer of the School District may serve as the District’s Registered Agent for the educational foundation.
I.C. 20-26-5-22.5
Adopted 4/18/06
© Neola 2005