§ 13-65-090

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 another purpose the achievement of which is beneficial to the community; (2) 'endowment fund' means an institutional fund, or part of an institutional fund, not wholly expendable by the institution on a current basis under the terms of a gift instrument; the term does not include assets of an institution designated by an institution as an endowment fund for its own use; (3) 'gift instrument' means a record, including an institutional solicitation, under which property is granted to, transferred to, or held by an institutional fund; (4) 'institution' means (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' means a fund held by an institution exclusively for charitable

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 (A) program-related assets; (B) a fund held for an institution by a trustee who is not an institution; or (C) a fund in which a beneficiary who is not an institution has an interest, other than an interest that could arise on a 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 another 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 appreciation or the production of income; (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.