As used in this division, unless the context otherwise requires:
1. "Board" means the governing board of the lead philanthropic entity identified by the department pursuant to section 15E.304.
2. "Business" means a business operating within the state and includes individuals operating a sole proprietorship or having rental, royalty, or farm income in this state and includes a consortium of businesses.
3. "Community affiliate organization" means a group of five or more community leaders or advocates organized for the purpose of increasing philanthropic activity in an identified community or geographic area in this state with the intention of establishing a community affiliate endowment fund.
4. "Endowment gift" means an irrevocable contribution to a permanent endowment held by a qualified community foundation.
5. "Lead philanthropic entity" means the entity identified by the department pursuant to section 15E.304.
6. "Qualified community foundation" means a community foundation organized or operating in this state that meets or exceeds the national standards established by the national council on foundations.
2003 Acts, 1st Ex, ch 1, §90, 93
Section is effective June 19, 2003, and applies retroactively to January 1, 2003, for tax years beginning on or after that date; 2003 Acts, 1st Ex, ch 1, §93
For future repeal of this section effective June 30, 2010, see 2003 Acts, 1st Ex, ch 1, §114
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