Charitable organizations; creating the Safeguarding Endowment Gifts Act; prohibiting certain use of funds by charitable organizations under certain circumstances. Effective date.
What changed between versions
The definition of 'charitable organization' was expanded to include more specific purposes such as artistic, cultural, economic development, civic improvement, research, humanitarian, animal welfare, recreational, and environmental protection purposes.
New detailed definitions were added for 'charitable trust' including charitable remainder unitrusts, annuity trusts, charitable lead trusts, pooled income funds, and various types of trusts providing for minor issue welfare.
The definition now includes natural persons who represent themselves as charitable organizations or purport to act on behalf of one, expanding who must comply with the act's requirements.
Added a provision stating that the Safeguarding Endowment Gifts Act applies only to restricted endowment gifts, clarifying the scope of the act's enforcement requirements.
The bill was renumbered and reformatted from 'Introduced' version to a 'Floor Substitute' version with updated sponsor information (Gillespie of Senate and Hasenbeck of House).
