As used in this chapter, 'endowment fund' means an institutional fund, or any part of the fund, not wholly expendable by the institution on a current basis under the terms of the applicable gift instrument. The term does not include assets that an institution designates as an endowment fund for the institution's use.As added by P.L.268-1989, SEC.1. Amended by P.L.226-2007, SEC.9.
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