Sec. 7. "Bona fide national foundation" refers to an organization that: (1) operates without profit to the organization's members; (2) is exempt from taxation under Section 501 of the Internal Revenue Code; (3) is related in both its mission and organization to a bona fide national organization; and (4) has provided grants to Indiana organizations in aggregate amounts that annually exceed fifty thousand dollars ($50,000) in the preceding calendar year in which the organization applies for a license under this article.
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