1. A university foundation:
(a) Shall comply with the provisions of chapter 241 of NRS;
(b) Except as otherwise provided in subsection 2, shall make its records public and open to inspection pursuant to NRS 239.010;
(c) Is exempt from the taxes imposed by NRS 375.020, 375.023 and 375.026 pursuant to subsection 13 of NRS 375.090; and
(d) May allow a president or an administrator of the university, state college or community college which it supports to serve as a member of its governing body.
2. A university foundation is not required to disclose the name of any contributor or potential contributor to the university foundation, the amount of his or her contribution or any information which may reveal or lead to the discovery of his or her identity. The university foundation shall, upon request, allow a contributor to examine, during regular business hours, any record, document or other information of the foundation relating to that contributor.
3. As used in this section, "university foundation" means a nonprofit corporation, association or institution or a charitable organization that is:
(a) Organized and operated primarily for the purpose of fundraising in support of a university, state college or a community college;
(b) Formed pursuant to the laws of this State; and
(c) Exempt from taxation pursuant to 26 U.S.C. § 501(c)(3).
(Added to NRS by 1993, 2623; A 2003, 3492; 2003, 20th Special Session, 206; 2005, 360, 963; 2009, 2290; 2011, 1356)