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Mississippi Code Title 79. Corporations, Associations, and Partnerships § 79-11-703. Definitions

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 In sections 79-11-701 through 79-11-719:

(a) “Charitable purpose” means either:

(i) Any purpose described in Section 501(c)(3) of the Internal Revenue Code;  or

(ii) Any voluntary health and welfare, charitable, benevolent, philanthropic, patriotic, educational, humane, scientific, public health, environmental conservation, civic, or other eleemosynary purpose.

(b) “Endowment fund” means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis.  The term does not include assets that an institution designates as an endowment fund for its own use.

(c) “Gift instrument” means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund.

(d) “Institution” means:

(i) A person, other than an individual, organized and operated exclusively for charitable purposes;

(ii) A government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose;

(iii) A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated;  or

(iv) The term “institution” does not include any bank, trust company, or other regulated financial institution.

(e) “Institutional fund” means a fund held by an institution exclusively for charitable purposes.  The term does not include:

(i) Program-related assets;

(ii) A fund held for an institution by a trustee that is not an institution;  or

(iii) 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 the purposes of the fund.

(f) “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.

(g) “Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.

(h) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

Cite this article: - Mississippi Code Title 79. Corporations, Associations, and Partnerships § 79-11-703. Definitions - last updated January 01, 2018 |

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