[§517E-2]  Definitions.  As used in this
chapter, unless the context otherwise requires:



"Charitable purpose" means the relief
of poverty, the advancement of education or religion, the promotion of health,
the promotion of a governmental purpose, or any other purpose the achievement
of which is beneficial to the community.



"Community foundation" means a
community foundation or community trust recognized as exempt from federal
income tax and referred to in Section 170(c) of the Internal Revenue Code of 1986,
as amended, and which meets the single entity requirements of United States
Treasury Regulations Sections 1.170A-9(e)(10-14) adopted thereunder.



"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.



"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.



"Institution" means:



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



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



(3)  A trust that had both charitable and
noncharitable interests, after all noncharitable interests have terminated.



"Institutional fund" means a fund
held by an institution exclusively for charitable purposes.  The term does not
include:



(1)  Program-related assets;



(2)  A fund held for an institution by a trustee that
is not an institution, unless the fund is held exclusively for the benefit of a
community foundation; or



(3)  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.



"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.



"Program-related asset" means an
asset held by an institution primarily to accomplish a charitable purpose of
the institution and not primarily for investment.



"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. [L 2009, c 135, pt of §1]