Mich. Comp. Laws § 123.901
Short title.
This act shall be known and may be cited as the "Michigan community foundation act".
Michigan Compiled Laws — MICHIGAN COMMUNITY FOUNDATION ACT (Act 38 of 2017)
Michigan · statute · 38 of 2017, Mich. Comp. Laws · 4 active provisions
Mich. Comp. Laws § 123.903
Definitions.
As used in this act: (a) "Community foundation" means an organization that meets all of the following requirements: (i) Has been in existence for at least 10 years. (ii) Has assets of at least $5,000,000.00. (iii) Qualifies for exemption from federal income taxation under section 501(c)(3) of the internal revenue code,…
Mich. Comp. Laws § 123.905
Receipt of property by municipality, school board; intermediate school board, or public library; sale; disposal; use of proceeds.
(1) A municipality may receive, own, and enjoy any gift of real, personal, or intangible personal property, made by grant, devise, or bequest, or in any other manner, for public parks, grounds, cemeteries, public buildings, or other public purposes, whether made directly or in trust, subject to the conditions, limitati…
Mich. Comp. Laws § 123.907
Transfer of property from municipality, school board, intermediate school board, or public library to community foundation.
(1) Subject to subsections (2), (3), and (7), a municipality, school board, intermediate school board, or public library may do the following: (a) Transfer any gift of intangible personal property received pursuant to section 5 or the proceeds of any gift received pursuant to section 5 to a community foundation. (b) Tr…