(b) If a corporation is established under subsection (a), the corporation shall:(1) operate exclusively for the benefit of;(2) perform the functions of; and(3) carry out the purposes of;the commission.(c) A corporation established under this section shall submit to the commission quarterly reports of the corporation's activities during the period. The reports must include the following:(1) A record of the following:(A) All money or other property received by the corporation as a donation, gift, devise, or bequest.(B) The conditions attached to the donation, gift, devise, or bequest, if any.(2) A record of all expenditures by the corporation during the period and the purposes of each expenditure.(3) A statement of activities the corporation anticipates undertaking during the following period.(d) The corporation established under this section is subject to audit by the state board of accounts.As added by P.L.54-2004, SEC.5.
Indiana Legal Code