Section 4-12-15-2 - Establishment of nonprofit subsidiary for faith-based and community initiatives subsidiary corporation(a) The office 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 of the office;(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 members appointed by the office.(d) Employees of the office 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. 3, eff. 7/1/2015.Added by P.L. 187-2013, SEC. 1, eff. 7/1/2013.