The following definitions apply in this Chapter:
(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:
a. A person, other than an individual, organized and operated exclusively for charitable purposes;
b. A government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; or
c. A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.
(5) Institutional fund.--A fund held by an institution exclusively for charitable purposes. The term includes tangible assets but 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 only upon violation or failure of the purposes of the fund.
(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.
FindLaw Codes are provided courtesy of Thomson Reuters Westlaw, the industry-leading online legal research system. For more detailed codes research information, including annotations and citations, please visit Westlaw.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.