402.130. Definitions.

341 words·~2 min read·/mo/chapter-402/402-130

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402.130. Definitions. — As used in sections 402.130 to 402.148 , the following terms shall mean:

(1)"Charitable purpose" , 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" , 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 shall not include assets that an institution designates as an endowment fund for its own use;

(3)"Gift instrument" , 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" :

(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" , a fund held by an institution exclusively for charitable purposes. It shall not include:

(a)Program-related assets;

(b)A fund held for an institution 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" , 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" , an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment;

(8)"Record" , information that is inscribed on tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

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(L. 2009 H.B. 239)