Connecticut General Statutes 10-405 – Definitions: Arts organizations
For purposes of this section and sections 10-406 to 10-408, inclusive:
Terms Used In Connecticut General Statutes 10-405
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(1) “Arts organization” means a nonprofit organization in the state which is exempt from taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as from time to time amended, the primary purpose of which is to create, perform, present or otherwise promote the visual, performing or literary arts in the state, but shall not mean an organization, the primary purpose of which is instructional, or an organization, the primary purpose of which is to receive contributions for and provide funding to arts organizations;
(2) “Department” means the Department of Economic and Community Development;
(3) “Connecticut Arts Council” means the council established pursuant to § 10-408a;
(4) “Contribution” means cash, negotiable securities or other gifts of similar liquidity;
(5) “Donor” means a private organization, the primary purpose of which is to receive contributions for and provide funding to arts organizations, a private foundation or private corporation, partnership, single proprietorship or association or person making a contribution to an arts organization;
(6) “Fiscal year” means a period of twelve calendar months as determined by the arts organization’s bylaws.