Indiana § 20-47-1-5 - School corporations; powers; donations to foundation
Full text of Indiana Indiana Code § 20-47-1-5 — School corporations; powers; donations to foundation, with citation guidance and answers to common questions.
§ 20-47-1-5. School corporations; powers; donations to foundation
Sec. 5. (a) The governing body of a school corporation may donate the proceeds of a grant, a gift, a donation, an endowment, a bequest, a trust, an agreement to share tax revenue received by a city or county under IC 4-33-12-6 or IC 4-33-13, or an agreement to share revenue received by a political subdivision under IC 4-35-8.5, or other funds not generated from taxes levied by the school corporation, to a foundation under the following conditions:
(1) The foundation is a charitable nonprofit community foundation.
(2) The foundation retains all rights to the donation, including investment powers, except as provided in subdivision (3).
(3) The foundation agrees to do the following:
(A) Hold the donation as a permanent endowment.
(B) Distribute the income from the donation only to the school corporation as directed by resolution of the governing body of the school corporation.
(C) Return the donation to the operations fund of the school corporation if the foundation:
(i) loses the foundation's status as a public charitable organization;
(ii) is liquidated; or
(iii) violates any condition of the endowment set by the governing body of the school corporation.
(b) A school corporation may use income received under this section from a community foundation only for purposes of the school corporation.
[Pre-2006 Recodification Citation: 20-26-5-22.]
As added by P.L.2-2006, SEC.170. Amended by P.L.142-2009, SEC.30; P.L.244-2017, SEC.107.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 20-47-1-5
What does Indiana Code § 20-47-1-5 cover?
Section 20-47-1-5 ("School corporations; powers; donations to foundation") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 20-47-1-5?
A common citation format is "Indiana Code § 20-47-1-5" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 20-47-1-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.