1715.51 Uniform management of institutional funds definitions.

This version is in effect until 06-01-2009

As used in sections 1715.51 to 1715.59 of the Revised Code:

(A) “Institution” means an incorporated or unincorporated organization that is organized and operated exclusively for educational, religious, charitable, or other eleemosynary purposes or a governmental organization to the extent that it holds funds exclusively for any of those purposes.

(B) “Institutional fund” means a fund that is held by an institution for its exclusive use, benefit, or purposes. “Institutional fund” does not include either of the following:

(1) A fund held for an institution by a trustee that is not an institution;

(2) A fund in which a beneficiary that is not an institution has an interest other than a right that may arise upon a violation of or the failure of the purposes of the fund.

(C) “Endowment fund” means an institutional fund, or a part of an institutional fund, that is not wholly expendable by the institution on a current basis under the terms of the applicable gift instrument.

(D) “Governing board” means the body responsible for the management of an institution or an institutional fund.

(E)(1) “Historic dollar value” means the aggregate fair value in dollars of the following:

(a) An endowment fund at the time it became an endowment fund;

(b) Each subsequent donation to an endowment fund at the time it is made;

(c) Each accumulation made pursuant to a direction in the applicable gift instrument at the time the accumulation is added to an endowment fund.

(2) A determination of historic dollar value made in good faith by an institution is conclusive.

(F) “Gift instrument” means a will, deed, grant, conveyance, agreement, memorandum, writing, or other governing document, including the terms of any institutional solicitations from which an institutional fund resulted, under which property is transferred to or held by an institution as an institutional fund.

Effective Date: 10-01-1996

This version is effective 06-01-2009

As used in sections 1715.51 to 1715.59 of the Revised Code:

(A) “Charitable purpose” means any purpose the achievement of which is beneficial to the community, including the relief of poverty, the advancement of education or religion, the promotion of health, and the promotion of a governmental purpose.

(B) “Institution” means any of the following:

(1) A person, other than an individual, organized and operated exclusively for charitable purposes ;

(2) A governmental organization to the extent that it holds funds exclusively for a charitable purpose;

(3) A trust that had both charitable and noncharitable interests and the noncharitable interests have terminated.

(C) “Institutional fund” means a fund that is held by an institution exclusively for charitable purposes. “Institutional fund” does not include any of the following:

(1) Program related assets;

(2) A fund held for an institution by a trustee that is not an institution;

(3) A fund in which a beneficiary that is not an institution has an interest other than an interest that may arise upon a violation of or the failure of the purposes of the fund.

(D) “Endowment fund” means an institutional fund or any part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis . “Endowment fund” does not include assets that an institution designates as an endowment fund for its own use.

(E) “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.

(F) “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, governmental organization, or any other legal or commercial entity.

(G) “Program related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.

(H) “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.

Effective Date: 10-01-1996; 2008 HB522 06-01-2009