KRS 273.600: Definitions for KRS 273.600 to 273.645.

In KRS 273.600 to 273.645:

(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 had both charitable and nonc haritable 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, c orporation, 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;

and

(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.