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.