Oklahoma § 60-300.12 - Definitions

§ 60-300.12. Definitions

DEFINITIONS. In the Uniform Prudent Management of Institutional

Funds Act:

(1) “Charitable purpose” means 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” means 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 does not

include assets that an institution designates as an endowment fund

for its own use.

(3) “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.

(4) “Institution” means:

(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 has both charitable and noncharitable

interests, after all noncharitable interests have

terminated.

(5) “Institutional fund” means a fund held by an institution

exclusively for charitable purposes. The term does 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” means 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” means an asset held by an

institution primarily to accomplish a charitable purpose of the

institution and not primarily for investment.

Oklahoma Statutes - Title 60. Property

(8) “Record” means information that is inscribed on a tangible

medium or that is stored in an electronic or other medium and is

retrievable in perceivable form.

Added by Laws 2007, c. 91, § 2, eff. Nov. 1, 2007.