{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-300.12","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-300.12","heading":"Definitions","body":"DEFINITIONS. In the Uniform Prudent Management of Institutional\n\nFunds Act:\n\n(1) “Charitable purpose” means the relief of poverty, the\n\nadvancement of education or religion, the promotion of health, the\n\npromotion of a governmental purpose, or any other purpose the\n\nachievement of which is beneficial to the community.\n\n(2) “Endowment fund” means an institutional fund or part\n\nthereof that, under the terms of a gift instrument, is not wholly\n\nexpendable by the institution on a current basis. The term does not\n\ninclude assets that an institution designates as an endowment fund\n\nfor its own use.\n\n(3) “Gift instrument” means a record or records, including an\n\ninstitutional solicitation, under which property is granted to,\n\ntransferred to, or held by an institution as an institutional fund.\n\n(4) “Institution” means:\n\n(A) a person, other than an individual, organized and\n\noperated exclusively for charitable purposes;\n\n(B) a government or governmental subdivision, agency, or\n\ninstrumentality, to the extent that it holds funds\n\nexclusively for a charitable purpose; or\n\n(C) a trust that has both charitable and noncharitable\n\ninterests, after all noncharitable interests have\n\nterminated.\n\n(5) “Institutional fund” means a fund held by an institution\n\nexclusively for charitable purposes. The term does not include:\n\n(A) program-related assets;\n\n(B) a fund held for an institution by a trustee that is\n\nnot an institution; or\n\n(C) a fund in which a beneficiary that is not an\n\ninstitution has an interest, other than an interest\n\nthat could arise upon violation or failure of the\n\npurposes of the fund.\n\n(6) “Person” means an individual, corporation, business trust,\n\nestate, trust, partnership, limited liability company, association,\n\njoint venture, public corporation, government or governmental\n\nsubdivision, agency, or instrumentality, or any other legal or\n\ncommercial entity.\n\n(7) “Program-related asset” means an asset held by an\n\ninstitution primarily to accomplish a charitable purpose of the\n\ninstitution and not primarily for investment.\n\n(8) “Record” means information that is inscribed on a tangible\n\nmedium or that is stored in an electronic or other medium and is\n\nretrievable in perceivable form.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"5793537bcd86da6705ce747561f85d67b259a3054d29eece89862e8995338271","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-300.11","next":"us-ok/okla.-stat.-tit.-60-60-300.13"},"notice":"GroundRules: Original legal text. Not legal advice."}