"Bona fide national foundation" refers to an organization that:

1. (1) operates without profit to the organization's members;
2. (2) is exempt from taxation under Section 501 of the Internal Revenue Code;
3. (3) is related in both its mission and organization to a bona fide national organization; and
4. (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.