Section 5Sec./Art. 5

Authority to Receive Donations, Grants, and Other Gratuitous Transfers; Allowable Deductions and/or Exemptions. - The School head may receive donations, grants, bequests, legacies, devises, endowments, contributions, and other gratuitous transfers made to the School, which shall form part of the School fund to be used actually, directly and exclusively by the School, subject to compliance with existing laws, rules and regulations.

Any donation, gift, bequest, legacy, devise, endowment, contribution, and other gratuitous transfers, in cash or in kind, made by individuals or organizations, public or private, local or foreign, shall be subject to applicable deductions and/or exemptions, in accordance with the pertinent provisions on donor's and estate taxes under the National Internal Revenue Code of 1997, as amended.