Sec. 5. For purposes of administering this chapter, if the commission receives an offer of a gift, grant, devise, or bequest, the commission may accept a stipulation on the use of the donated funds. In this case, the requirements under IC 21-12-1.7-3 concerning higher education awards and freedom of choice grants do not apply. Before accepting a gift, grant, devise, or bequest, the commission shall determine that the purposes for which the donor proposes to provide funds are:
(1) lawful;
(2) in the state's best interests; and
(3) generally consistent with the commission's programs and purposes.
If the commission agrees to a stipulation on the use of donated funds, the commission and the donor, subject to approval by the budget agency and the governor or the governor's designee, shall execute an agreement.
As added by P.L.107-2012, SEC.58. Amended by P.L.281-2013, SEC.34; P.L.85-2017, SEC.89.