KRS 158.4461: The General Assembly finds that private financial and philanthropic

support of public school districts by all members of the community

fosters student success, safety, and well-being -- The General Assembly

encourages the organization of foundations under KRS Chapter 273 to

support public school districts in any district for which no such

foundation exists.

(1) The board of directors of any public school district foundation, or foundation

formed exclusively to benefit a particular public school, organized as a

nonstock, nonprofit corporation under KRS Chapter 273 and that is either in

existence on March 11, 2019, or incorporated after March 11, 2019, may

accept gifts or donations that are restricted by the grantor to be used in

furtherance of lawful school safety, security, and student health purposes to the

extent allowed by applicable federal tax laws. The board of directors shall use

gifts or donations exclusively for the purpose for which they are granted.

(2) The General Assembly hereby finds and declares that private financial and

philanthropic support of public school districts by all members of the community

fosters greater student success, safety, and wellbeing. To advance these

goals, the General Assembly hereby encourages the organization of

foundations to support public school districts in any district for which no

foundation exists on March 11, 2019, under KRS Chapter 273 relating to

nonstock, nonprofit corporations.

(3) Pursuant to KRS 160.580, a local board of education may directly accept gifts

or donations that are restricted by the grantor to be used in furtherance of

lawful school safety, security, and student health purposes to the extent

allowed by applicable laws and shall use any accepted gift or donation for the

purpose for which it was granted.