147A.310 Definitions for KRS 147A.300 to 147A.330.

176 words·~1 min read·/ky/chapter-147a/147a-310

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.