North Carolina General Statutes Chapter 36E. Uniform Prudent Management of Institutional Funds Act § 36E-2. Definitions

(1) Charitable purpose.--The relief of poverty, the advancement of education or religion, the promotion of health, scientific, benevolent, literary, governmental, or municipal purposes, or any other purpose the achievement of which is beneficial to the community.

(2) Endowment fund.--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.

(3) Gift instrument.--A record or records, including an institutional solicitation or a response to an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund.

(4) Institution.--Any of the following:

(5) Institutional fund.--A fund held by an institution exclusively for charitable purposes. The term includes tangible assets but does not include:

(6) Person.--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.

(7) Program-related asset.--An asset held by an institution not primarily for investment.

(8) Record.--Information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.