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Wisconsin Statutes Economic Development (Ch. 238) § 238.045. Establishment of nonprofit organization

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Definition. In this section, “nonprofit organization” means a nonprofit corporation, as defined in s. 181.0103 (17), and any organization described in section 501(c) (3) of the Internal Revenue Code 1 that is exempt from federal income tax under section 501(a) of the Internal Revenue Code.  2

(2) Approval required. (a) The corporation may not establish a nonprofit organization without the approval of the joint committee on finance.

(b) The joint committee on finance may approve the corporation's establishment of a nonprofit organization if the corporation's chief executive officer submits a request for approval to the committee that describes in detail the corporation's proposal to establish a nonprofit organization and the chief executive officer appears at the committee's meeting to consider that request for approval.

1 26 U.S.C.A. § 501(c)(3).
2 26 U.S.C.A. § 501(a).
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Cite this article: FindLaw.com - Wisconsin Statutes Economic Development (Ch. 238) § 238.045. Establishment of nonprofit organization - last updated January 01, 2025 | https://codes.findlaw.com/wi/wisconsin-economic-development-ch-238/wi-st-238-045/

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