Ind. Code § 20-40-14-1
Separate accounting; gifts; endowments; federal grants and loans
Redline — January 1, 2018 → current.View current text →
Current — January 1, 2023
As of January 1, 2018
Sec. 1. (a) Except as provided in this section, money received by a school corporation for a specific purpose or purposes, by gift, endowment, or under a federal statute, may be accounted for by establishing separate funds apart from the general fund.
Sec. 1. (a) Except as provided in this section, money received by a school corporation for a specific purpose or purposes, by gift, endowment, or under a federal statute, may be accounted for by establishing separate funds apart from any other school corporation fund.
(b) Subsection (a) does not apply if local tax funds are involved.
(b) Subsection (a) does not apply if local tax funds are involved.
(c) Money described in subsection (a) may not be accepted unless the:
(c) Money described in subsection (a) may not be accepted unless the:
(1) terms of the gift, endowment, or payment; and
(1) terms of the gift, endowment, or payment; and
(2) acceptance of the gift, endowment, or payment;
(2) acceptance of the gift, endowment, or payment;
provide that the officers of the school corporation are not divested of any right or authority that the officers are granted by law.
provide that the officers of the school corporation are not divested of any right or authority that the officers are granted by law.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.