72-30-302. Definitions.
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72-30-302 . Definitions. For the purposes of this part, the following definitions apply:
(1)"Charitable organization" means an organization arranged and operated exclusively for religious, charitable, scientific, literary, educational, or other specified purposes or for testing for public safety and that has a tax-exempt designation under the provisions of section 501(c)(3) of the Internal Revenue Code, 26 U.S.C. 501(c)(3).
(2)"Donor" means an individual or entity who has made a contribution of property or money to either an existing endowment fund or a new endowment fund of a charitable organization or of a charitable trust pursuant to the terms of an endowment agreement that may include donor-imposed restrictions governing the use of the contribution.
(3)"Donor-imposed restriction" means a written statement within an endowment agreement that specifies obligations on the management or purpose of the endowment fund.
(4)"Endowment agreement" means a written agreement between a charitable organization and a donor or a charitable trust and a donor regarding the contribution made by the donor and accepted by the charitable organization or the charitable trust that may include donor-imposed restrictions governing the use of the contribution.
(a)"Endowment fund" means an institutional fund or part of an institutional fund that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis.
(b)The term does not include assets that an institution designates as an endowment fund for its own use.
(6)"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.
(7)"Legal representative" means the administrator or executor of a person's estate, if made known by the donor to the charitable organization, a surviving spouse if a court judgment has settled the accounts of the estate, or a person designated in an endowment agreement to act in place of a party to the agreement for all matters expressed in the agreement and all of the actions the agreement contemplates, including without limitation interpreting, performing, and enforcing the agreement and defending its validity.
(8)"Property" means real property, personal property or money, cryptocurrency, stocks, bonds, or any other asset or financial instrument.