Sec. 36. As used in this article, "eligible community foundation" means an organization that:
(1) is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code;
(2) satisfies the public support test of Section 170(b)(1)(A)(vi) of the Internal Revenue Code;
(3) is an autonomous, nonsectarian philanthropic institution with permanent, component funds established by many separate donors;
(4) is accredited under national standards for United States Community Foundations established by the Community Foundations National Standards Board; and
(5) supports a broad range of charitable activities within a specific geographic area in Indiana.
The term includes an affiliate fund of an eligible community foundation.
As added by P.L.50-2015, SEC.1.