Current through P.L. 171-2024
Section 15-13-3-11 - State fair subsidiary corporation(a) The commission may establish a nonprofit subsidiary corporation that is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code, to solicit and accept private funding, gifts, donations, bequests, devises, and contributions.(b) A subsidiary corporation established under this section: (1) shall use money received under subsection (a) to carry out in any manner the purposes and programs under this article;(2) shall 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) A subsidiary corporation established under this section is governed by a board of directors comprised of the members of the commission.(d) Employees of the commission shall provide administrative support for a subsidiary corporation established under this section.(e) The state board of accounts shall audit a subsidiary corporation established under this section.Amended by P.L. 181-2015, SEC. 38, eff. 7/1/2015.Amended by P.L. 6-2012, SEC. 108, eff. 2/22/2012.Added by P.L. 20-2011, SEC. 2, eff. 7/1/2011.