R455-3-4. Donations

1. The society is authorized to receive gifts, grants, donations, bequests devises and endowments of money or property. These monies shall be used in accordance with directions provided by the donor and shall be kept in a separate line account as nonlapsing funds of the society together with earned interest.

2. If the donor makes no indication of the direction or use of the gifts, bequests, donations, devices, and endowments, these funds and interest on these funds shall be retained in a separate line account of the society as nonlapsing funds. Disbursement shall be made by the director in accordance with policy established by the board or in consultation with the board.

3. The board may review, or establish a policy of review and is authorized to receive, any gift, grant, donation, bequest, devise or endowment of money or property but need not.