{"data":{"id":"us-in/ic-4-12-15-2","jurisdiction":"us-in","citation":"IC 4-12-15-2","heading":"Establishment of nonprofit subsidiary for faith-based and community initiatives subsidiary corporation","body":"Sec. 2. (a) The office may establish a nonprofit subsidiary corporation that is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code, to solicit and accept private funding, gifts, donations, bequests, devises, and contributions.\n(b) A subsidiary corporation established under this section:\n(1) shall use money received under subsection (a) to carry out in any manner the purposes and programs of the office;\n(2) shall report to the budget committee each year concerning:\n(A) the use of money received under subsection (a); and\n(B) the balances in any accounts or funds established by the subsidiary corporation; and\n(3) may deposit money received under subsection (a) in an account or fund that is:\n(A) administered by the subsidiary corporation; and\n(B) not part of the state treasury.\n(c) A subsidiary corporation established under this section is governed by a board of directors comprised of members appointed by the office.\n(d) Employees of the office shall provide administrative support for a subsidiary corporation established under this section.\n(e) The state board of accounts shall audit a subsidiary corporation established under this section.","path":["TITLE 4. STATE OFFICES AND ADMINISTRATION","ARTICLE 12. APPROPRIATIONS MANAGEMENT","Chapter 15. Faith-Based and Community Initiatives Subsidiary Corporation"],"source_url":"https://iga.in.gov/ic/2026/Title_4.html#4-12-15-2","current_through":"2026","vintage":"2026","retrieved_at":"2026-08-30T06:26:00Z","sha256":"dcfa9963201af2134a260d07bef38fcb09bf4dd0f3078d8fd20846dcc430d6be","source_id":"us-in","stale":false,"prev":"us-in/ic-4-12-15-1","next":"us-in/ic-4-12-16-1"},"notice":"GroundRules: Original legal text. Not legal advice."}