1715.51 Uniform management of institutional funds definitions.

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