Colorado § 7-30-101.2 - Charitable nonprofit corporations - private foundations.
Full text of Colorado Colorado Revised Statutes § 7-30-101.2 — Charitable nonprofit corporations - private foundations., with citation guidance and answers to common questions.
§ 7-30-101.2. Charitable nonprofit corporations - private foundations.
(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, 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:
(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;
(b) Shall not engage in any act of self-dealing as defined in section 4941(d) of the internal revenue code;
(c) Shall not retain any excess business holdings as defined in section 4943(c) of the internal revenue code;
(d) Shall not make any investments that would subject the nonprofit association to taxation under section 4944 of the internal revenue code;
(e) Shall not make any taxable expenditures as defined in section 4945(d) of the internal revenue code.
Source: L. 97: Entire section added, p. 645, § 2, effective July 1, 1998. L. 98: (4)(d) amended, p. 611, § 1, effective July 1. L. 2003: (1) amended, p. 2202, § 1, effective July 1, 2004.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 7-30-101.2
What does Colorado Revised Statutes § 7-30-101.2 cover?
Section 7-30-101.2 ("Charitable nonprofit corporations - private foundations.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 7-30-101.2?
A common citation format is "Colorado Revised Statutes § 7-30-101.2" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 7-30-101.2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.