Allow community foundations as trustee of school charitable funds

This bill allows community foundations to act as trustees for charitable funds and endowments given to public schools, expanding how these institutions can manage donated money. It defines specific terms like "institutional fund" and "endowment fund" to clarify which assets qualify for this new arrangement and establishes rules for how community foundations must handle these funds, including requirements to return the property if the foundation no longer meets legal criteria or violates fund conditions. Additionally, the legislation provides a framework for school boards to create trusts managed by nonprofit foundations, specifying that the foundation must invest the principal, pay net income to the school district, and follow strict guidelines regarding the use and potential revocation of the trust.