Nevada Revised Statutes 396.405 – Meetings; records; exemption from certain taxes; governing body; nondisclosure of contributors
1. A university foundation:
Terms Used In Nevada Revised Statutes 396.405
- Community college: means all of the community colleges within the Nevada System of Higher Education. See Nevada Revised Statutes 396.005
- 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.
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- State college: means all of the state colleges within the Nevada System of Higher Education. See Nevada Revised Statutes 396.005
- University: means all of the universities within the Nevada System of Higher Education. See Nevada Revised Statutes 396.005
(a) Shall comply with the provisions of chapter 241 of NRS;
(b) Except as otherwise provided in subsection 2, shall make its records public and open to inspection pursuant to NRS 239.010;
(c) Is exempt from the taxes imposed by NRS 375.020, 375.023 and 375.026 pursuant to subsection 13 of NRS 375.090; and
(d) May allow a president or an administrator of the university, state college or community college which it supports to serve as a member of its governing body.
2. A university foundation is not required to disclose the name of any contributor or potential contributor to the university foundation, the amount of his or her contribution or any information which may reveal or lead to the discovery of his or her identity. The university foundation shall, upon request, allow a contributor to examine, during regular business hours, any record, document or other information of the foundation relating to that contributor.
3. As used in this section, ‘university foundation’ means a nonprofit corporation, association or institution or a charitable organization that is:
(a) Organized and operated primarily for the purpose of fundraising in support of a university, state college or a community college;
(b) Formed pursuant to the laws of this State; and
(c) Exempt from taxation pursuant to 26 U.S.C. § 501(c)(3).