Sec. 13.65.090. Definitions.

331 words·~2 min read·/ak/title-13/chapter-65/13-65-090

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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 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.