72-8257. Moneys derived from gifts or donations; transfers to community foundations.
72-8257
72-8257. Moneys derived from gifts or donations;transfers to community foundations.(a) As used in this section:
(1) "Community foundation" or "foundation" means any community foundationorcommunity trust to which deductible contributions can be made by individuals,corporations, publiccharities and private foundations, as well as other charitable organizationsand governmentalagencies for the overall purposes of the foundation or to particular charitableand endowment fundsestablished under agreement with the foundation or trust for the charitablebenefit of the people ofa specific geographic area and which is a nonprofit organization exempt fromfederal incometaxation pursuant to section 501(a) of the internal revenue code of 1986, as ineffect on the effectivedate of this act, by reason of qualification under section 501(c)(3) of theinternal revenue code of1986, as in effect on the effective date of this act, and which is deemed apublicly supportedorganization and not a private foundation within the meaning of section509(a)(1) of the internalrevenue code of 1986, as in effect on the effective date of this act.
(2) "Moneys" means any moneys derived from gifts or donations to the schooldistrict whichare not immediately required for the purposes for which the moneys werereceived.
(b) The board of education of any school district may transfer moneys to acommunityfoundation. Moneys transferred to a foundation pursuant to this section shallbe deposited into arestricted fund by the foundation and shall remain subject to any restrictionsimposed by the originaldonor of such moneys. Any distribution from the fund shall be made: (1) To,or for the benefit of,the school district; or (2) for a specific purpose as directed by the originaldonor, or the successorsor agents of such donor, and agreed to by the school district.
History: L. 2009, ch. 68, § 1; July 1.