{"data":{"id":"us-in/ic-5-28-5-13","jurisdiction":"us-in","citation":"IC 5-28-5-13","heading":"Nonprofit subsidiary corporation","body":"Sec. 13. (a) Notwithstanding section 12 of this chapter, the board may establish a nonprofit subsidiary corporation to solicit and accept private sector funding, gifts, donations, bequests, devises, and contributions.\n(b) A subsidiary corporation established under this section:\n(1) must use money received under subsection (a) to carry out in any manner the purposes and programs under this article;\n(2) must 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) Except as provided in IC 5-11-1-9(k), the state board of accounts shall audit a subsidiary corporation established under this section.","path":["TITLE 5. STATE AND LOCAL ADMINISTRATION","ARTICLE 28. INDIANA ECONOMIC DEVELOPMENT CORPORATION","Chapter 5. General Powers"],"source_url":"https://iga.in.gov/ic/2026/Title_5.html#5-28-5-13","current_through":"2026","vintage":"2026","retrieved_at":"2026-09-02T16:11:39Z","sha256":"3a1f01c07262b69fb3e1867c931d1e479605e2d22aa85eb2b3257d42457bd8cd","source_id":"us-in","stale":false,"prev":"us-in/ic-5-28-5-12","next":"us-in/ic-5-28-5-14"},"notice":"GroundRules: Original legal text. Not legal advice."}