(a) A board may apply for and receive a charter as a private, nonprofit corporation under the laws of this state and may choose to be recognized as a Section 501(c)(3) organization under the Internal Revenue Code of 1986 (26 U.S.C. Section 501(c)(3)).
(b) In addition to receiving funds specified in this chapter, a board may solicit additional funds from other public and private sources.
(c) A board may not solicit or accept money from an entity with which the board contracts for the delivery of services.