402.130. Definitions. - Missouri Statutes

Definitions.

402.130. As used in sections 402.130 to 402.148, the following termsshall mean:

(1) "Charitable purpose", the relief of poverty, the advancement ofeducation or religion, the promotion of health, the promotion of agovernmental purpose, or any other purpose the achievement of which isbeneficial 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 theinstitution on a current basis. The term shall not include assets that aninstitution designates as an endowment fund for its own use;

(3) "Gift instrument", a record or records, including aninstitutional solicitation under which property is granted to, transferredto, or held by an institution as an institutional fund;

(4) "Institution":

(a) A person, other than an individual, organized and operatedexclusively for charitable purposes;

(b) A government or governmental subdivision, agency, orinstrumentality to the extent that it holds funds exclusively for acharitable purpose; or

(c) A trust that had both charitable and noncharitable interestsafter all noncharitable interests have terminated;

(5) "Institutional fund", a fund held by an institution exclusivelyfor charitable purposes. It shall not include:

(a) Program-related assets;

(b) A fund held for an institution by a trustee that is not aninstitution; or

(c) A fund in which a beneficiary that is not an institution has aninterest other than an interest that could arise upon violation or failureof 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, orinstrumentality, or any other legal or commercial entity;

(7) "Program-related asset", an asset held by an institutionprimarily to accomplish a charitable purpose of the institution and notprimarily for investment;

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

(L. 2009 H.B. 239)