IC 5-28-5-13 — Nonprofit subsidiary corporation
Chapter 5. General Powers
Bills citing this section
- HR 122026In committee
Establishing a House Select Committee on Accountability and Handling of Economic Development Appropriations to investigate the financial, administrative, and procedural practices of the Indiana Economic Development Corporation and its affiliated entities, and to make findings and recommendations for improved transparency and stewardship of public funds.
- SB 2032026In committee
Indiana economic development corporation.
Section text
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. (b) A subsidiary corporation established under this section: (1) must use money received under subsection (a) to carry out in any manner the purposes and programs under this article; (2) must report to the budget committee each year concerning: (A) the use of money received under subsection (a); and (B) the balances in any accounts or funds established by the subsidiary corporation; and (3) may deposit money received under subsection (a) in an account or fund that is: (A) administered by the subsidiary corporation; and (B) not part of the state treasury. (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.
As added by P.L.4-2005, SEC.34. Amended by P.L.181-2015, SEC.24; P.L.237-2017, SEC.18; P.L.209-2019, SEC.6; P.L.59-2023, SEC.18; P.L.58-2023, SEC.5.
Source: official publisher (2026 edition)