State Codes and Statutes

Statutes > Nebraska > Chapter77 > 77-27_229

77-27,229. Qualified 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. SourceLaws 2005, LB 28, § 3. Termination Date: January 1, 2010