Section 5-28-5-13 - Nonprofit subsidiary corporation(a) Notwithstanding section 12 of this chapter, the board may establish a nonprofit subsidiary corporation to solicit and accept private sector funding, gifts, donations, bequests, devises, and contributions.(b) A subsidiary corporation established under this section:(1) must use money received under subsection (a) to carry out in any manner the purposes and programs under this article;(2) must 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) Except as provided in IC 5-11-1-9(k), the state board of accounts shall audit a subsidiary corporation established under this section.Amended by P.L. 59-2023,SEC. 18, eff. 7/1/2023.Amended by P.L. 58-2023,SEC. 5, eff. 1/1/2024.Amended by P.L. 209-2019,SEC. 6, eff. 7/1/2019.Amended by P.L. 237-2017,SEC. 18, eff. 7/1/2017.Amended by P.L. 181-2015, SEC. 24, eff. 7/1/2015.As added by P.L. 4-2005, SEC.34.