§ 273.600

273.600 Definitions for KRS 273.600 to 273.645. In KRS 273.600 to 273.645: (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: (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 nonc haritable interests, after all noncharitable interests have terminated; (5) 'Institutional

t that it holds funds exclusively for a charitable purpose; or (c) A trust that had both charitable and nonc haritable 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 institut ion by a trustee that is not an institution; or (c) 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, c orporation, 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; and (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.

and not primarily for investment; and (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. Effective: July 15, 2010 History: Created 2010 Ky. Acts ch. 34, sec. 1, effective July 15, 2010.