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Can you summarize 4 CACR Division 4, Article 23?
California Horse Racing Board > Charity Foundations and Welfare Funds
Short Summary
This legal document governs the designation and approval of the Horsemen’s Welfare Fund for the horsemen’s organization acknowledged by the Board under Rule 2040 of this division. The horsemen’s organization is required to establish a charitable corporation to administer its welfare fund, which must register with the Registry of Charitable Trusts and comply with the provisions of the Uniform Supervision of Trustees for Charitable Purposes Act. The charitable corporation is designated as the ‘welfare fund’ by the Board and must have a minimum of five and a maximum of eleven directors or trustees, subject to Board approval. The charitable corporation must establish its fiscal year, principal office, and publish a biennial report of its activities. The directors or trustees of the charitable corporation are responsible for appointing an administrator of the welfare fund, establishing eligibility criteria for beneficiaries, and submitting a proposed schedule of expenditures to the Board. The document also outlines the appropriate uses for funds paid to designated charitable corporations, eligibility for benefits, and the permissible expenditures from the welfare fund. The administration costs for the charitable corporation should not exceed 15 percent of the total expenditures for any fiscal year. Additionally, the document specifies the requirements for distributing agents to file a financial report with the Board and the verification of eligibility for charitable organizations receiving distributions. Overall, this document provides the framework for the establishment, administration, and utilization of the Horsemen’s Welfare Fund for the benefit of horsemen involved in horse racing in California.
Whom does it apply to?
Horsemen's organization acknowledged by the Board under Rule 2040 of this division
What does it govern?
Designation and approval of the Horsemen's Welfare Fund
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned in this document.
Jurisdiction
California