As used in KRS 147A.300 to 147A.330, unless the context requires otherwise:

1. (1) "Affiliate community foundation" means a philanthropic foundation organized or operating to serve an identified geographic area within the Commonwealth, and which:

   1. (a) Is affiliated with a qualified community foundation; and
   2. (b) Is certified by the commission pursuant to KRS 147A.325;
2. (2) "Commission" means the Endow Kentucky Commission established in KRS 147A.330;
3. (3) "County-specific component fund" means a fund of a qualified community foundation that is restricted to serve an individual county;
4. (4) "Endowment gift" means an irrevocable contribution to a permanent endowment held by a qualified community foundation, county-specific component fund, or affiliate community foundation;
5. (5) "Fund" means the community endowment fund established by KRS 147A.315; and

6. (6) "Qualified community foundation" means a philanthropic foundation organized or operating in the Commonwealth that:

   1. (a) Substantially complies with the national standards for community foundations established by the National Council on Foundations;
   2. (b) Is classified as a 501(c)(3) tax-exempt organization by the Internal Revenue Service; and
   3. (c) Is certified by the commission pursuant to KRS 147A.325.

Effective: July 15, 2010

History: Created 2010 Ky. Acts ch. 71, sec. 3, effective July 15, 2010.