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4-32.3-2-7. "Bona fide national foundation"

IN Code § 4-32.3-2-7 (2019) (N/A)
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Sec. 7. "Bona fide national foundation" refers to an organization that:

(1) operates without profit to the organization's members;

(2) is exempt from taxation under Section 501 of the Internal Revenue Code;

(3) is related in both its mission and organization to a bona fide national organization; and

(4) has provided grants to Indiana organizations in aggregate amounts that annually exceed fifty thousand dollars ($50,000) in the preceding calendar year in which the organization applies for a license under this article.

As added by P.L.58-2019, SEC.4.

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