(a) The office shall have the power and authority to incorporate a nonprofit corporation that could qualify as a public foundation under Section 501(c)(3) of the Internal Revenue Code to aid the office in carrying out any of its powers and in accomplishing any of its purposes. Any nonprofit corporation created pursuant to this power shall be created pursuant to Chapter 3 of Title 14, the "Georgia Nonprofit Corporation Code," and the Secretary of State shall be authorized to accept such filing.

(b) Any nonprofit corporation created pursuant to this Code section shall be subject to the following provisions:

(1) In accordance with the Constitution of Georgia, no governmental functions or regulatory powers shall be conducted by any such nonprofit corporation;

(2) Upon dissolution of any such nonprofit corporation incorporated by the office, any assets shall revert to the office or to any successor to the office or, failing such succession, to the State of Georgia;

(3) As used in this paragraph, the term "direct employee costs" means salary, benefits, and travel expenses. To avoid the appearance of undue influence on regulatory functions by donors, no donations to any such nonprofit corporation from private sources shall be used for direct employee costs of the office;

(4) Any such nonprofit corporation shall be subject to all laws relating to open meetings and the inspection of public records;

(5) The office shall not be liable for the action or omission to act of any such nonprofit corporation;

(6) No debts, bonds, notes, or other obligations incurred by any such nonprofit corporation shall constitute an indebtedness or obligation of the State of Georgia nor shall any act of any such nonprofit corporation constitute or result in the creation of an indebtedness of the state. No holder or holders of any such bonds, notes, or other obligations shall ever have the right to compel any exercise of the taxing power of the state nor to enforce the payment thereof against the state; and

(7) Any nonprofit corporation created pursuant to this Code section shall not acquire or hold a fee simple interest in real property by any method, including but not limited to gift, purchase, condemnation, devise, court order, and exchange.

(b.1)

(1) Pursuant to this Code section, the office may establish a nonprofit corporation to be designated as the Public Education Innovation Fund Foundation to promote Public-Private Partnerships between businesses, nonprofit organizations, institutions of higher education, local school systems, and public schools, for the purpose of improving student achievement. Funds received by the foundation may be awarded through a competitive grant process administered by the office. The General Assembly may appropriate funds for purposes of this foundation beginning in Fiscal Year 2015.

(2) (A) Such foundation shall also be authorized to receive donations from taxpayers pursuant to Code Section 48-7-29.21 for the purpose of awarding grants to public schools for the implementation of academic and organizational innovations to improve student achievement, with priority given to schools that have performed in the lowest 5 percent of schools in this state identified in accordance with the state-wide accountability system established in the state plan pursuant to the federal Every Student Succeeds Act, and for the dissemination of information regarding successful innovations to other public schools in this state. Funds received by the foundation for such purpose may be awarded through a competitive grant process administered by the office. The criteria for awarding such grants shall include the potential to which the innovation is likely to result in the proposed improvement, the potential for widespread adoption of such innovation by other public schools in the state, the quality of the proposed project design, the reasonableness of the costs involved in conducting the project, and such other criteria which the office may deem appropriate and necessary. The foundation shall not be authorized to withhold any funds to cover costs incurred in administering the grant process.

(B) The foundation shall report to the Department of Revenue, on a form provided by the Department of Revenue, by January 12 of each tax year the following:

(i) The total number and dollar value of donations and tax credits approved. Individual contributions shall include contributions made by those filing income tax returns as a single individual or head of household and those filing joint returns;

(ii) The total number and dollar value of corporate donations and tax credits approved;

(iii) The total number and dollar value of grants awarded to public schools; and

(iv) A list of donors, including the dollar value of each donation and the dollar value of each approved tax credit.

The Department of Revenue shall post on its website the information received pursuant to divisions (i) through (iii) of this subparagraph.

(C) Except for the information reported pursuant to divisions (i) through (iii) of subparagraph (B) of this paragraph, all information or reports provided by the foundation to the Department of Revenue shall be confidential taxpayer information, governed by Code Sections 48-2-15, 48-7-60, and 48-7-61, whether it relates to the donor or the foundation.

(c) Any nonprofit corporation created pursuant to this Code section shall make public and provide an annual report showing the identity of all donors and the amount each person or entity donated as well as all expenditures or other disposal of money or property donated, except as otherwise provided in paragraph (2) of subsection (b.1) of this Code section. Such report shall be provided to the Governor, the Lieutenant Governor, the Speaker of the House of Representatives, and the chairpersons of the House Committee on Education and the Senate Education and Youth Committee. Any such nonprofit corporation shall also provide such persons with a copy of all corporate filings with the federal Internal Revenue Service.