58-3612. Definitions.
58-3612
58-3612. Definitions.In this act:
(1) "Charitable purpose" means the relief of poverty, the advancement ofeducation or religion, the promotion of health, the promotion of a governmentalpurpose or any other purpose the achievement of which is beneficial to thecommunity.
(2) "Endowment fund" means an institutional fund or part thereof that, underthe terms of a gift instrument, is not wholly expendable by the institution ona current basis. The term does not include assets that an institutiondesignates as an endowment fund for its own use.
(3) "Gift instrument" means a record or records, including an institutionalsolicitation, under which property is granted to, transferred to, or held by aninstitution as an institutional fund.
(4) "Institution" means:
(A) A person, other than an individual, organized and operated exclusivelyfor charitable purposes;
(B) a government or governmental subdivision, agency or instrumentality, tothe extent that it holds funds exclusively for a charitable purpose; or
(C) a trust that had both charitable and noncharitable interests, after allnoncharitable interests have terminated.
(5) "Institutional fund" means a fund held by an institution exclusively forcharitable purposes. The term does not include:
(A) Program-related assets;
(B) a fund held for an institution by a trustee that is not an institution;or
(C) a fund in which a beneficiary that is not an institution has an interest,other than an interest that could arise upon violation or failure of thepurposes of the fund.
(6) "Person" means an individual, corporation, business trust, estate, trust,partnership, limited liability company, association, joint venture, publiccorporation, government or governmental subdivision, agency, orinstrumentality, or any other legal or commercial entity.
(7) "Program-related asset" means an asset held by an institution primarilyto accomplish a charitable purpose of the institution and not primarily forinvestment.
(8) "Record" means information that is inscribed on a tangible medium or thatis stored in an electronic or other medium and is retrievable in perceivableform.
History: L. 2008, ch. 20, § 2; July 1.