Bill > SB12

This bill amends Ohio law to expand the ability of community foundations to manage and administer charitable and institutional funds for educational institutions. Specifically, the bill allows community schools, school districts, and STEM schools to create component funds with community foundations for gifts, endowments, and charitable funds. A community foundation is defined as a nonprofit organization that supports a specific geographical area, facilitates donations, provides grants, and is exempt from federal income tax. The bill clarifies that these component funds must adhere to the original conditions of the gifts and can be returned to the educational institution if the community foundation no longer meets certain criteria, is liquidated, or violates the fund's requirements. The legislation also updates definitions of institutional funds, endowment funds, and provides more detailed guidelines for how these funds can be created, managed, and potentially transferred. Additionally, the bill modifies existing language around trust creation, fund management, and the role of school boards in administering charitable funds, with the overall aim of providing more flexibility and clarity for educational institutions in managing charitable contributions.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/sb12