§ 18-12.1-2 - Definitions. - Rhode Island Statutes

SECTION 18-12.1-2

   § 18-12.1-2  Definitions. – As used in this chapter:

   (1) "Charitable purpose" means the relief of poverty, theadvancement of education or religion, the promotion of health, the promotion ofa governmental purpose, or any other purpose the achievement of which isbeneficial to the community.

   (2) "Endowment fund" means an institutional fund or partthereof that, under the terms of a gift instrument, is not wholly expendable bythe institution on a current basis. The term does not include assets that aninstitution designates as an endowment fund for its own use.

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

   (4) "Institution" means:

   (i) a person, other than an individual, organized andoperated exclusively for charitable purposes;

   (ii) a government or governmental subdivision, agency, orinstrumentality, to the extent that it holds funds exclusively for a charitablepurpose; or

   (iii) a trust that had both charitable and noncharitableinterests, after all noncharitable interests have terminated.

   (5) "Institutional fund" means a fund held by an institutionexclusively for charitable purposes. The term does not include:

   (i) program-related assets;

   (ii) a fund held for an institution by a trustee that is notan institution; or

   (iii) a fund in which a beneficiary that is not aninstitution has an interest, other than an interest that could arise uponviolation or failure of the purposes of the fund.

   (6) "Person" means an individual, corporation, businesstrust, 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" means an asset held by aninstitution primarily to accomplish a charitable purpose of the institution andnot primarily for investment.

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