California Government Code

§ 65965

GOV § 65965 Effective Jan 1, 2024Div. 1 · Title 7 · Ch. 4.6

Statute text

For the purposes of this chapter, the following definitions apply:

(a)“Endowment” means the funds that are conveyed solely for the long-term stewardship of a mitigation property. Endowment funds are held as charitable trusts that are permanently restricted to paying the costs of long-term management and stewardship of the mitigation property for which the funds were set aside. Endowments shall be governed by the underlying laws, regulations, and specific governmental approvals under those laws and regulations pursuant to which the endowments were exacted, consistent with subdivision (b) of Section 65966 and with the Uniform Prudent Management of Institutional Funds Act (Part 7 (commencing with Section 18501) of Division 9 of the Probate Code). Endowments do not include funds conveyed for meeting short-term performance objectives of a project.

(b)“Community foundation” means any community foundation that meets all of the following requirements:

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Legislative history

Amended by Stats. 2023, Ch. 478, Sec. 43. (AB 1756) Effective January 1, 2024.