Connecticut General Statutes 10-265aa – The Partnership for Connecticut, Inc. Purposes, powers and reports
(a) As used in this section and sections 10-265bb to 10-265ff, inclusive:
Terms Used In Connecticut General Statutes 10-265aa
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(1) “Corporation” means the nonprofit nonstock corporation described in subsection (b) of this section, which has been established in accordance with the provisions of chapter 602; and
(2) “Philanthropic enterprise” means a philanthropic enterprise founded in 2003 and located in Fairfield County that advances diverse philanthropic initiatives which include strengthening public education in this state and supporting financial inclusion and social entrepreneurship or a philanthropic designee under the direct control of the philanthropic enterprise.
(b) There shall be established “The Partnership for Connecticut, Inc.”, which shall be a nonstock corporation and shall be organized and established by the philanthropic enterprise and its agents. The corporation shall be formed for the conduct of any affairs or the promotion of any purpose which may be lawfully carried out, including, but not limited to, the following public purposes:
(1) Strengthening public education in this state;
(2) Supporting financial inclusion and social entrepreneurship;
(3) Promoting upward mobility in Connecticut by connecting at-risk high school-aged youths and young adults to educational and career opportunities;
(4) Supporting economic development in under-resourced communities through microfinance and social entrepreneurship, with a specific focus on communities where there is a high poverty rate and youths and young adults between the ages of fourteen to twenty-four, inclusive, who are showing signs of disengagement or disconnection from high school, the workplace or the community;
(5) Promoting and expanding upon the collaboration between the state and one or more philanthropic or nonprofit entities designated by the philanthropic enterprise to carry out the public purposes set forth in this section; and
(6) Providing additional resources for the purposes set forth in this section.
(c) Except as provided in sections 10-265aa to 10-265ff, inclusive, the corporation shall be subject to and shall have all the powers provided in chapter 602. The property and affairs of the corporation shall be governed and controlled by its board of directors appointed in accordance with section 10-265cc. The corporation shall submit an application for recognition of federal income tax exempt status for the corporation as an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time. Except as provided in section 10-265cc, no member of the board of directors or any officer or employee of the corporation shall, by virtue of such service to the corporation, be (1) a state employee or public official for purposes of part I of chapter 10, or (2) a state contractor or prospective state contractor for purposes of section 9-612. The corporation shall not be construed to be a department, institution, public agency, public instrumentality or political subdivision of the state, or to perform any governmental function.
(d) Reports, in form and substance to be mutually agreed upon by the corporation and the Governor, shall be submitted semiannually by the corporation to the Governor, the State Board of Education, the Department of Education, the Department of Economic and Community Development, the Office of Policy and Management and the joint standing committees of the General Assembly having cognizance of matters relating to education and appropriations and the budgets of state agencies. The corporation shall post such reports on the corporation’s Internet web site.