"Institution" defined
Sec. 5. As used in this chapter, "institution" means any of the
following:
(1) An approved institution of higher learning (as defined in
IC 20-12-21-3) and its related foundations.
(2) An organization that:
(A) is an exempt organization under Section 501(c)(3) of the
Internal Revenue Code;
(B) has an endowment fund with a fair market value of at
least ten million dollars ($10,000,000); and
(C) is not a religious organization.
(3) A community foundation or trust.
As added by P.L.268-1989, SEC.1. Amended by P.L.199-1991,
SEC.1; P.L.266-1995, SEC.2.
Last modified: May 27, 2006