2006 Nebraska Revised Statutes - § 77-27,229 — Qualified endowment, defined.
Section 77-27,229Qualified endowment, defined.
For purposes of sections 77-27,228 to 77-27,234, qualified endowment means a permanent, irrevocable fund that is used for Nebraska charitable purposes and held by a Nebraska incorporated or established organization that:
(1)(a) Is a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986, as amended; or
(b) Is a bank or trust company that is holding the fund on behalf of a tax-exempt organization; and
(2) Holds the fund as a permanent endowment fund.
Source:
- Laws 2005, LB 28, § 3
Termination date January 1, 2010
~Revised Statutes Supplement, 2006
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