Current through Acts 2023-2024, ch. 1069
Section 35-11-112 - Exemptions(a)(1) This chapter shall not apply to any nonprofit corporation that is: (A) Incorporated under the laws of Tennessee;(B) Exempt from federal income taxation under 26 U.S.C. § 501(c)(3); and(C) Requested by a patient or a patient's family to raise funds for an organ transplant for a specific individual.(2) Any funds remaining in a particular account shall revert to the general fund of the corporation to be used to assist other similarly situated persons.(b)(1) This chapter shall not apply to any nonprofit corporation that:(A) Is incorporated under the laws of Tennessee and is exempt from federal income taxation under 26 U.S.C. § 501(c)(3); and(B) Solicits and accepts contributions of funds for the purpose of providing minors suffering from a catastrophic illness with nonmedical gifts or benefits to fulfill a desire or wish of the minor.(2) A portion of such funds may be used to provide appropriate adult supervision if required by the gift.(3) Any such funds raised for a particular minor and unexpended shall revert to the general fund of the corporation to be used to provide gifts or benefits for a similar minor.Acts 1989, ch. 386, §§ 5, 6.