TCA § 49-2-612 — Charitable school foundation

A public school or its administrators or supporters are authorized to form, or caused to be formed, a charitable school foundation for the sole purpose of supporting the school by raising and administering funds for the school and its programs. A school foundation shall be broad based in its support of the school and shall not limit its support to a single program or activity. A school foundation shall be a school support organization under this part. To be a school foundation under this section, the foundation shall apply for and receive exemption from federal income taxation under § 501(a) of the Internal Revenue Code (26 U.S.C. § 501(a)), as an organization described in § 501(c)(3) of the Internal Revenue Code (26 U.S.C. § 501(c)(3)). The school foundation shall be open to parents, students, faculty, staff, alumni and members of the community who are interested in supporting the school and its programs. The bylaws of the school foundation shall require the director of schools and the principal of the school to serve as ex officio members on the foundation's board of directors. An organization in existence on April 16, 2012, that meets the requirements of this section, on or after April 16, 2012, shall be recognized as a school foundation.