Bill > HB130

This bill authorizes the Georgia Foundation for Public Education to establish a nonprofit corporation that could qualify as a public foundation under Section 501(c)(3) of the Internal Revenue Code. The bill sets forth various conditions and requirements for this nonprofit corporation, including restrictions on the use of private donations for employee costs, requirements for open meetings and public record inspections, and limitations on the acquisition of real property. The bill also allows members of the foundation's board of directors to serve on the board of the nonprofit corporation without conflict of interest concerns. Additionally, the nonprofit corporation is required to provide an annual report on its donors and expenditures to legislative committees.