§60-301.3. Definitions.
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/ok/title-60-property/60-301-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in the Oklahoma Charitable Fiduciary Act:
1. "Charitable organization" means an incorporated or unincorporated organization:
a. domiciled in the State of Oklahoma,
b. recognized under Section 501(c)(3) of the Internal
Revenue Code as being organized and operated
exclusively for charitable, religious, educational, or
other eleemosynary purposes,
c. which has been in existence for at least five
years if the organization administers charitable
trusts which benefit private individuals,
d. having a governing board of which a majority of its
members are persons who are qualified by education or
experience to provide direction of the charitable
organization in the administration of its charitable
trusts,
e. having a governing board of which at least forty
percent (40%) of its members are residents of the
State of Oklahoma, provided that upon proper
application the Attorney General may waive this
requirement, and
f. which has filed the comprehensive annual audit
required by Section 301.9 of this title;
2. "Charitable trust" means:
a. a trust which qualifies as a charitable remainder
unitrust under the Internal Revenue Code,
b. a trust which qualifies as a charitable remainder
annuity trust under the Internal Revenue Code,
c. a trust which is described as a charitable lead trust
in the Internal Revenue Code,
d. a fund which qualifies as a pooled income fund under
the Internal Revenue Code,
e. an endowment fund as that term is defined in the
Uniform Prudent Management of Institutional Funds Act,
f. a trust providing for the welfare, maintenance,
support, and education of minor issue of a decedent
who has made a gift in the document creating the trust
for the benefit of the minor issue to the charitable
organization administering the trust or one or more of
its affiliated charitable organizations at the
decedent's death and the total of all gifts made to
the charitable organization administering the trust or
one or more of its affiliated charitable organizations
at the decedent's death is as large as the largest
distribution made to another person who is not a
charitable organization, but in no event shall the
total of all gifts made to the charitable organization
administering the trust or one or more of its
affiliated charitable organizations be less than
twenty-five percent (25%) of the property which is
available for distribution, or
g. any other irrevocable or revocable trust in which:
(1)one or more gifts of either trust income or
principal, whether outright or in trust, are
irrevocably made to or for the benefit of a
charitable organization,
(2)if the irrevocable gift is of income or principal
which is distributed before the termination of
the trust, the total of all such irrevocable
gifts of income or principal made to the
charitable organization administering the trust
or one or more of its affiliated charitable
organizations is as large as the largest
distribution to another beneficiary entitled to
receive distributions of income or principal from
the trust before the termination of the trust who
is not the charitable organization administering
the trust or an affiliated charitable
organization, but in no event shall the total of
all such irrevocable gifts of income or principal
made to the charitable organization administering
the trust or one or more of its affiliated
charitable organizations before the termination
of the trust be less than twenty-five percent
(25%) of the income or principal available for
distribution from the trust,
(3)if the irrevocable gift is of the remainder of
the trust which is distributed upon the
termination of the trust, the total of all
irrevocable gifts of the remainder of the trust
made to the charitable organization administering
the trust or one or more of its affiliated
charitable organizations is as large as the
largest distribution made to another remainderman
who is not the charitable organization
administering the trust or an affiliated
charitable organization, but in no event shall
the total of all irrevocable gifts of the
remainder of the trust made to the charitable
organization administering the trust or one or
more of its affiliated charitable organizations
be less than twenty-five percent (25%) of the
remainder of the trust which is available for
distribution at the termination of the trust, and
(4)if distributions of income from the trust are
made to beneficiaries who are not charitable
organizations, such distributions are in an
amount specified by the donor in the governing
instrument, or, if not in an amount specified by
the donor in the governing instrument, are in an
amount not less than five percent (5%) of the
value of the principal of the trust determined
annually, reduced by distributions of current
income from the trust to charitable
organizations, if any; and
3. "Affiliated charitable organization" means another charitable organization which directly or indirectly controls or is under direct or indirect common control with the charitable organization acting in a fiduciary capacity. Added by Laws 1997, c. 99, § 4, emerg. eff. April 15, 1997. Amended by Laws 2007, c. 91, § 11, eff. Nov 1, 2007.