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§18-12.1-2  Definitions. –

Published: 2015

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CHAPTER 18-12.1

Uniform Prudent Management of Institutional Funds Act

SECTION 18-12.1-2

   § 18-12.1-2  Definitions. –

As used in this chapter:

   (1) "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.

   (2) "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.

   (3) "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.

   (4) "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; or

   (iii) a trust that had both charitable and noncharitable

interests, after all noncharitable interests have terminated.

   (5) "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.

   (6) "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.

   (7) "Program-related asset" means an asset held by an

institution primarily to accomplish a charitable purpose of the institution and

not primarily for investment.

   (8) "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.

History of Section.

(P.L. 2009, ch. 61, § 2; P.L. 2009, ch. 63, § 2.)