{"data":{"id":"us-dc/d.c.-code-29-404.43","jurisdiction":"us-dc","citation":"D.C. Code § 29-404.43","heading":"Private foundations.","body":"(a)\nExcept as otherwise provided in subsection (b) of this section, a nonprofit corporation that is a private foundation as defined in section 509(a) of the Internal Revenue Code of 1986, approved December 30, 1969 (83 Stat. 496; 26 U.S.C. § 509(a)) (“Internal Revenue Code”), shall:\n(1)\nDistribute such amounts for each taxable year at such time and in such manner as not to subject the corporation to tax under section 4942 of the Internal Revenue Code;\n(2)\nNot engage in any act of self-dealing as defined in section 4941(d) of the Internal Revenue Code;\n(3)\nNot retain any excess business holdings as defined in section 4943(c) of the Internal Revenue Code;\n(4)\nNot make any investments in such manner as to subject the corporation to tax under section 4944 of the Internal Revenue Code; and\n(5)\nNot make any taxable expenditures as defined in section 4945(d) of the Internal Revenue Code.\n\n(b)\nSubsection (a) of this section shall not apply to a nonprofit corporation incorporated before January 1, 1970 that has been properly relieved from the requirements of section 508(e)(1) of the Internal Revenue Code by a timely judicial proceeding.","path":["Title 29. Business Organizations. [Enacted title]","Chapter 4. Nonprofit Corporations.","Subchapter IV. Memberships and Financial Provisions.","Part E. Financial Provisions."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/29-404.43","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"b71f426a8f25ea82d00218a5a29b9f44bbb087d07a39be0bda719fe303a31d3d","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-29-404.42","next":"us-dc/d.c.-code-29-405.01"},"notice":"GroundRules: Original legal text. Not legal advice."}