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DIGEST OF HB1201 (Updated February 26, 2002 7:00 PM - DI 84)
School donations to community foundations. Allows the governing body of a school corporation to donate specified sources of revenue to a charitable nonprofit community foundation if the foundation retains all rights to the donation and agrees to: (1) hold the donation as a permanent endowment; (2) distribute income from the donation only to the school corporation; and (3) return the donation to the school corporation's general fund under certain conditions. Specifies that a school corporation may use the income generated by the donation only for purposes of the school corporation.
