147A.310 Definitions for KRS 147A.300 to 147A.330. - Kentucky Statutes

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Page 1 of 1 147A.310 Definitions for KRS 147A.300 to 147A.330. As used in KRS 147A.300 to 147A.330, unless the context requires otherwise:
(1) "Affiliate community foundation" means a philanthropic foundation organized or operating to serve an identified geographic area within the Commonwealth, and
which:
(a) Is affiliated with a qualified community foundation; and
(b) Is certified by the commission pursuant to KRS 147A.325; (2) "Commission" means the Endow Kentucky Commission established in KRS 147A.330; (3) "County-specific component fund" means a fund of a qualified community foundation that is restricted to serve an individual county; (4) "Endowment gift" means an irrevocable contribution to a permanent endowment held by a qualified community foundation, county-specific component fund, or
affiliate community foundation; (5) "Fund" means the community endowment fund established by KRS 147A.315; and
(6) "Qualified community foundation" means a philanthropic foundation organized or operating in the Commonwealth that:
(a) Substantially complies with the national standards for community foundations established by the National Council on Foundations; (b) Is classified as a 501(c)(3) tax-exempt organization by the Internal Revenue Service; and (c) Is certified by the commission pursuant to KRS 147A.325. Effective: July 15, 2010
History: Created 2010 Ky. Acts ch. 71, sec. 3, effective July 15, 2010.