Sec. 5. For purposes of administering this chapter, if the commission receives an offer of a gift, grant, devise, or bequest, the commission may accept a stipulation on the use of the donated funds. In this case, the requirements under IC 21-12-1.7-3 concerning higher education awards and freedom of choice grants do not apply. Before accepting a gift, grant, devise, or bequest, the commission shall determine that the purposes for which the donor proposes to provide funds are:
(1) lawful;
(2) in the state's best interests; and
(3) generally consistent with the commission's programs and purposes.
If the commission agrees to a stipulation on the use of donated funds, the commission and the donor, subject to approval by the budget agency and the governor or the governor's designee, shall execute an agreement.