Section 402.130

Title XXVI TRADE AND COMMERCE

Chapter 402

Effective - 28 Aug 2009   

  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)