Section 27-7-205 - DefinitionsAs used in this article:
(a) "Qualified community foundation" means an entity that is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code that is recognized by the Mississippi Association of Grantmakers as meeting the following requirements: (i) It is organized by articles of incorporation in the State of Mississippi to serve the State of Mississippi, or one or more Mississippi counties or municipalities, or a combination thereof;(ii) It is comprised of permanent, component funds established by multiple separate donors;(iii) It supports broad-based charitable interests that benefit the residents of a defined geographic area, no larger than the State of Mississippi;(iv) It is directed by a board of directors that is comprised of community representatives and is independent in that it is not subject to the control of another entity;(v) It actively engages in charitable activities, including, but not limited to, supporting two (2) or more unaffiliated tax-exempt organizations through grants or other professionally accepted means of charitable support, and serving in leadership roles on important community issues;(vi) It complies with the guidelines of the Mississippi Association of Grantmakers, or its successor entity, for membership by a community foundation; and(vii) It is in good standing with having complied with Endow Mississippi certification, reporting, and data privacy requirements.(b) "Endowment gift" means an irrevocable contribution to an endowed fund held by a qualified community foundation.(c) "Qualified contribution" means an endowment gift of at least One Thousand Dollars ($1,000.00) made to a qualified community foundation for an endowed fund established to substantially benefit charitable causes in this state, and that is a charitable gift as defined in Section 170(c) of the Internal Revenue Code. A qualified contribution may take any form, subject to the giving policies of the qualified community foundation receiving it.(d) "Endowed fund" means a fund held in a qualified community foundation that provides benefit to charitable causes in Mississippi that is intended to exist in perpetuity. An endowed fund may include, but is not limited to, donor-advised funds, community foundation affiliate funds, field-of-interest funds, agency funds and designated organizational funds.Added by Laws, 2019, ch. 440, SB 2210,§ 3, eff. 1/1/2019.