"Disqualified Individual" - Exempt Operating Foundation
Disqualified individual, for purposes of the requirements regarding composition of the governing body and officers of an exempt operating foundation, means any of the following:
- An owner of more than 20 percent of--
a. The total combined voting power of a corporation,
b. The profits interest of a partnership, or
c. The beneficial interest of a trust or unincorporated enterprise, which is a substantial contributor to the foundation, or
- A member of the family of any individual described in (1) or (2).
Indirect ownership of stock in a corporation, profits interest in a partnership, or beneficial interest in a trust or unincorporated enterprise is taken into account for determining a disqualified individual under (2) above, according to the rules explained under Attribution of ownership.