Skip to main content
Find a Lawyer

Colorado Revised Statutes Title 7. Corporations and Associations § 7-30-101.2. Charitable nonprofit corporations--private foundations

Current as of January 01, 2022 | Updated by FindLaw Staff

(1) As used in this section, “charitable purposes” means one or more charitable purposes enumerated in section 501(c)(3) of the federal “Internal Revenue Code of 1986”, as amended,  1 hereinafter referred to as “the internal revenue code” and formed exclusively for one or more charitable purposes.

(2) In the case of a deemed unincorporated organization, its articles of incorporation shall be presumed to be its principal governing document for the purposes of this section.

(3) Except as otherwise provided in its constitution, articles of association, or other principal governing document, the purposes of a charitable nonprofit association and the disposition of its assets upon liquidation shall be limited to charitable purposes.

(4) Except as otherwise expressly provided in its constitution, articles of association, or a principal governing document, or otherwise determined by a court of competent jurisdiction, a charitable nonprofit association that is also a private foundation within the meaning of section 509(a) of the internal revenue code:  2

(a) Shall distribute such amounts for each taxable year at such time and in such manner as not to subject the nonprofit corporation to tax under section 4942 of the internal revenue code;  3

(b) Shall not engage in any act of self-dealing as defined in section 4941(d) of the internal revenue code;  4

(c) Shall not retain any excess business holdings as defined in section 4943(c) of the internal revenue code;  5

(d) Shall not make any investments that would subject the nonprofit association to taxation under section 4944 of the internal revenue code;  6

(e) Shall not make any taxable expenditures as defined in section 4945(d) of the internal revenue code.  7

1 26 U.S.C.A. § 501(c)(3).
2 26 U.S.C.A. § 509(a).
3 26 U.S.C.A. § 4942.
4 26 U.S.C.A. § 4941(d).
5 26 U.S.C.A. § 4943(c).
6 26 U.S.C.A. § 4944.
7 26 U.S.C.A. § 4945(d).
Back to chapter list
Previous part of code Next part of code
Back to chapter list

Cite this article: FindLaw.com - Colorado Revised Statutes Title 7. Corporations and Associations § 7-30-101.2. Charitable nonprofit corporations--private foundations - last updated January 01, 2022 | https://codes.findlaw.com/co/title-7-corporations-and-associations/co-rev-st-sect-7-30-101-2/

Read this complete Colorado Revised Statutes Title 7. Corporations and Associations § 7-30-101.2. Charitable nonprofit corporations--private foundations on Westlaw. Westlaw subscription required.

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Was this helpful?

Search all Colorado Codes

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About the Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to find an attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard