Community foundations.

The Planning and Zoning Law provides that if a state or local agency requires a person to transfer to that agency an interest in real property to mitigate the environmental impact of a project or facility, that agency may authorize specified entities, including a community foundation, to hold title to, and manage that interest in, real property, as well as any endowment. Existing law defines a community foundation for this purpose as, among other things, meeting the requirements of a community trust, being exempt from taxation, being qualified to do business in this state, comply with National Standards for U.S. Community Foundations, and being registered with the Registry of Charitable Trusts maintained by the Attorney General, as specified. This bill would further define a community foundation for this purpose of providing each of its board members and officers training on performance of their fiduciary duties within a specified time period after the commencement of their tenure with the foundation, and periodically thereafter. The bill would also require a community foundation to post information about its fulfillment of this requirement, and the compliance of each board member and officer, on its internet website.