The bill amends sections 1715.51, 3315.10, and 3315.41 of the Revised Code and enacts new sections 3314.55, 3315.43, and 3326.53. It allows community foundations to create component funds from any charitable funds received by public schools, thereby classifying certain funds held by community foundations as institutional funds. The bill defines "institutional fund" and outlines the conditions under which community foundations can manage these funds, including the requirement to return property to the school if certain criteria are not met.

Key changes include the insertion of definitions and provisions that clarify the roles of community foundations in managing educational funds. For instance, the bill specifies that a community foundation can create a component fund for gifts or endowments related to community schools and STEM schools, and it establishes the conditions under which these funds must be returned to the schools. Additionally, the bill repeals existing sections that are replaced by the new provisions, streamlining the legal framework governing these charitable funds.

Statutes affected:
As Introduced: 1715.51, 3315.10, 3315.41