(1) Charitable purpose. The relief of poverty, the advancement of education or religion, thepromotion of health, scientific, benevolent, literary, governmental, ormunicipal purposes, or any other purpose the achievement of which is beneficialto the community.
(2) Endowment fund. Aninstitutional 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 doesnot include assets that an institution designates as an endowment fund for itsown use.
(3) Gift instrument. Arecord or records, including an institutional solicitation or a response to aninstitutional solicitation, under which property is granted to, transferred to,or held by an institution as an institutional fund.
(4) Institution. Anyof the following:
a. A person, other thanan individual, organized and operated exclusively for charitable purposes;
b. A government orgovernmental subdivision, agency, or instrumentality, to the extent that itholds funds exclusively for a charitable purpose; or
c. A trust that hadboth charitable and noncharitable interests, after all noncharitable interestshave terminated.
(5) Institutional fund. A fund held by an institution exclusively for charitable purposes. The termincludes tangible assets but does not include:
a. Program‑relatedassets;
b. A fund held for aninstitution by a trustee that is not an institution; or
c. A fund in which abeneficiary that is not an institution has an interest, other than an interestthat could arise only upon violation or failure of the purposes of the fund.
(6) Person. Anindividual, corporation, business trust, estate, trust, partnership, limitedliability company, association, joint venture, public corporation, governmentor governmental subdivision, agency, or instrumentality, or any other legal orcommercial entity.
(7) Program‑relatedasset. An asset held by an institution not primarily for investment.
(8) Record. Informationthat is inscribed on a tangible medium or that is stored in an electronic orother medium and is retrievable in perceivable form. (1985, c. 98, s. 1; 1991, c.39, s. 1; 2009‑8, s. 2.)
(1) Charitable purpose. The relief of poverty, the advancement of education or religion, thepromotion of health, scientific, benevolent, literary, governmental, ormunicipal purposes, or any other purpose the achievement of which is beneficialto the community.
(2) Endowment fund. Aninstitutional 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 doesnot include assets that an institution designates as an endowment fund for itsown use.
(3) Gift instrument. Arecord or records, including an institutional solicitation or a response to aninstitutional solicitation, under which property is granted to, transferred to,or held by an institution as an institutional fund.
(4) Institution. Anyof the following:
a. A person, other thanan individual, organized and operated exclusively for charitable purposes;
b. A government orgovernmental subdivision, agency, or instrumentality, to the extent that itholds funds exclusively for a charitable purpose; or
c. A trust that hadboth charitable and noncharitable interests, after all noncharitable interestshave terminated.
(5) Institutional fund. A fund held by an institution exclusively for charitable purposes. The termincludes tangible assets but does not include:
a. Program‑relatedassets;
b. A fund held for aninstitution by a trustee that is not an institution; or
c. A fund in which abeneficiary that is not an institution has an interest, other than an interestthat could arise only upon violation or failure of the purposes of the fund.
(6) Person. Anindividual, corporation, business trust, estate, trust, partnership, limitedliability company, association, joint venture, public corporation, governmentor governmental subdivision, agency, or instrumentality, or any other legal orcommercial entity.
(7) Program‑relatedasset. An asset held by an institution not primarily for investment.
(8) Record. Informationthat is inscribed on a tangible medium or that is stored in an electronic orother medium and is retrievable in perceivable form. (1985, c. 98, s. 1; 1991, c.39, s. 1; 2009‑8, s. 2.)
(1) Charitable purpose. The relief of poverty, the advancement of education or religion, thepromotion of health, scientific, benevolent, literary, governmental, ormunicipal purposes, or any other purpose the achievement of which is beneficialto the community.
(2) Endowment fund. Aninstitutional 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 doesnot include assets that an institution designates as an endowment fund for itsown use.
(3) Gift instrument. Arecord or records, including an institutional solicitation or a response to aninstitutional solicitation, under which property is granted to, transferred to,or held by an institution as an institutional fund.
(4) Institution. Anyof the following:
a. A person, other thanan individual, organized and operated exclusively for charitable purposes;
b. A government orgovernmental subdivision, agency, or instrumentality, to the extent that itholds funds exclusively for a charitable purpose; or
c. A trust that hadboth charitable and noncharitable interests, after all noncharitable interestshave terminated.
(5) Institutional fund. A fund held by an institution exclusively for charitable purposes. The termincludes tangible assets but does not include:
a. Program‑relatedassets;
b. A fund held for aninstitution by a trustee that is not an institution; or
c. A fund in which abeneficiary that is not an institution has an interest, other than an interestthat could arise only upon violation or failure of the purposes of the fund.
(6) Person. Anindividual, corporation, business trust, estate, trust, partnership, limitedliability company, association, joint venture, public corporation, governmentor governmental subdivision, agency, or instrumentality, or any other legal orcommercial entity.
(7) Program‑relatedasset. An asset held by an institution not primarily for investment.
(8) Record. Informationthat is inscribed on a tangible medium or that is stored in an electronic orother medium and is retrievable in perceivable form. (1985, c. 98, s. 1; 1991, c.39, s. 1; 2009‑8, s. 2.)
