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Sponsor: substitute Senate Bill 309 clarifies use of community foundations for school endowments
Summary
Senator Wilson said substitute SB 309 would allow K'12 schools to appoint community foundations as trustees for endowments and educational foundation funds to ease bookkeeping and support local giving; the committee agreed to work from the substitute (amendment 2778-1).
Senator Wilson presented sponsor testimony on substitute Senate Bill 309, which would clarify Ohio law to allow K'12 schools to appoint community foundations and other 501(c)(3) organizations to serve as trustees for endowments and to invest in the educational foundation fund under continuing law.
The sponsor said the change resolves ambiguity in the Ohio Revised Code about how schools may use community foundations to manage charitable donations and scholarships and would relieve school bookkeeping burdens by allowing community foundations to handle back-office responsibilities. He said Philanthropy Ohio proposed late changes that were accepted in the substitute and that, to his knowledge, there was no organized opposition.
After testimony, the chair moved amendment 2778-1 to make substitute Senate Bill 309 the working document; with no objection, the committee agreed to work from the substitute going forward. The committee concluded the first hearing on the substitute bill.
