TITLE 18
Fiduciaries
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.)
