{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1100.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1100.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1100.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1100.html"}],"law_id":84375,"edition_id":1,"section_id":84375,"structure_id":14908,"section_number":"64.2-1100","catch_line":"Definitions","history":"1973, c. 167, \u00a7 55-268.1; 1995, c. 199; 1997, c. 219; 2008, c. 184, \u00a7 55-268.12; 2012, c. 614.","full_text":"In this chapter:\n\t\t“Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental or municipal purpose, or any other purpose the achievement of which is beneficial to the community.\n\t\t“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.\n\t\t“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.\n\t\t“Institution” means:\n\n1\n\nA person, other than an individual, organized and operated exclusively for charitable purposes;2\n\nA government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; or3\n\nA trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.\n\t\t\t“Institutional fund” means a fund held by an institution exclusively for charitable purposes. The term does not include:1\n\nProgram-related assets;2\n\nA fund held for an institution by a trustee that is not an institution, unless the fund is held by the trustee as a component trust of a community trust or foundation; or3\n\nA 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.\n\t\t\t“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.\n\t\t\t“Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.\n\t\t\t“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.","order_by":null,"text":{"0":{"id":302379,"text":"In this chapter:\n\t\t“Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental or municipal purpose, or any other purpose the achievement of which is beneficial to the community.\n\t\t“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.\n\t\t“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.\n\t\t“Institution” means:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":302380,"text":"A person, other than an individual, organized and operated exclusively for charitable purposes;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":302381,"text":"A government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; or","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":302382,"text":"A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.\n\t\t\t“Institutional fund” means a fund held by an institution exclusively for charitable purposes. The term does not include:","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"1"},"4":{"id":302383,"text":"Program-related assets;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"3","next_prefix":"2"},"5":{"id":302384,"text":"A fund held for an institution by a trustee that is not an institution, unless the fund is held by the trustee as a component trust of a community trust or foundation; or","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"6":{"id":302385,"text":"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.\n\t\t\t“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.\n\t\t\t“Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.\n\t\t\t“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.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":14908,"edition_id":1,"name":"Uniform Prudent Management of Institutional Funds Act","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":12724,"metadata":{},"date_created":"2026-06-26 03:50:43","date_modified":"2026-06-26 03:50:43","permalink":{"id":274069,"object_type":"structure","relational_id":14908,"identifier":"11","token":"64.2\/III\/11","url":"\/64.2\/III\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12724,"edition_id":1,"name":"Trusts","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12723,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":273811,"object_type":"structure","relational_id":12724,"identifier":"III","token":"64.2\/III","url":"\/64.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12723,"edition_id":1,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":272781,"object_type":"structure","relational_id":12723,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":84375,"structure_id":14908,"section_number":"64.2-1100","catch_line":"Definitions","url":"\/64.2-1100\/","token":"64.2\/III\/11\/64.2-1100","metadata":false},{"id":56908,"structure_id":14908,"section_number":"64.2-1101","catch_line":"Standard of conduct in managing and investing institutional fund","url":"\/64.2-1101\/","token":"64.2\/III\/11\/64.2-1101","metadata":false},{"id":65845,"structure_id":14908,"section_number":"64.2-1102","catch_line":"Appropriation for expenditure or accumulation of endowment fund; rules of construction","url":"\/64.2-1102\/","token":"64.2\/III\/11\/64.2-1102","metadata":false},{"id":87071,"structure_id":14908,"section_number":"64.2-1103","catch_line":"Delegation of management and investment functions","url":"\/64.2-1103\/","token":"64.2\/III\/11\/64.2-1103","metadata":false},{"id":70158,"structure_id":14908,"section_number":"64.2-1104","catch_line":"Release or modification of restrictions on management, investment, or purpose","url":"\/64.2-1104\/","token":"64.2\/III\/11\/64.2-1104","metadata":false},{"id":62888,"structure_id":14908,"section_number":"64.2-1105","catch_line":"Reviewing compliance","url":"\/64.2-1105\/","token":"64.2\/III\/11\/64.2-1105","metadata":false},{"id":59935,"structure_id":14908,"section_number":"64.2-1106","catch_line":"Application to existing institutional funds","url":"\/64.2-1106\/","token":"64.2\/III\/11\/64.2-1106","metadata":false},{"id":70621,"structure_id":14908,"section_number":"64.2-1107","catch_line":"Relation to Electronic Signatures in Global and National Commerce Act","url":"\/64.2-1107\/","token":"64.2\/III\/11\/64.2-1107","metadata":false},{"id":85902,"structure_id":14908,"section_number":"64.2-1108","catch_line":"Uniformity of application and construction","url":"\/64.2-1108\/","token":"64.2\/III\/11\/64.2-1108","metadata":false}],"next_section":{"id":56908,"structure_id":14908,"section_number":"64.2-1101","catch_line":"Standard of conduct in managing and investing institutional fund","url":"\/64.2-1101\/","token":"64.2\/III\/11\/64.2-1101","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1100\/","history_text":"

This law was first created in 1973. The record of its establishment is cataloged in chapter 167 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1973 \u201cActs\u201d aren\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1995, chapter 199<\/a>; in 1997, chapter 219<\/a>; in 2008, chapter 184<\/a>; in 2012, chapter 614<\/a>.<\/p>","references":[{"id":72267,"section_number":"15.2-5205","catch_line":"Powers of commission","order_by":null,"url":"\/15.2-5205\/"},{"id":73977,"section_number":"15.2-5340.1","catch_line":"Joint ventures; subsidiaries; investments","order_by":null,"url":"\/15.2-5340.1\/"},{"id":66549,"section_number":"15.2-5374","catch_line":"Powers of Authority","order_by":null,"url":"\/15.2-5374\/"},{"id":77302,"section_number":"2.2-2718","catch_line":"Veterans Services Fund","order_by":null,"url":"\/2.2-2718\/"},{"id":54190,"section_number":"2.2-4343","catch_line":"Exemption from operation of chapter for certain transactions","order_by":null,"url":"\/2.2-4343\/"},{"id":80678,"section_number":"2.2-4515","catch_line":"Collateral and safekeeping arrangements","order_by":null,"url":"\/2.2-4515\/"},{"id":56380,"section_number":"23.1-2210","catch_line":"Investment of endowment funds, endowment income, etc","order_by":null,"url":"\/23.1-2210\/"},{"id":62823,"section_number":"23.1-2306","catch_line":"Investment of endowment funds, endowment income, etc","order_by":null,"url":"\/23.1-2306\/"},{"id":76565,"section_number":"23.1-2604","catch_line":"Investment of endowment funds, endowment income, etc","order_by":null,"url":"\/23.1-2604\/"},{"id":86366,"section_number":"23.1-2803","catch_line":"Investment of endowment funds, endowment income, etc","order_by":null,"url":"\/23.1-2803\/"},{"id":69642,"section_number":"3.2-3104","catch_line":"Tobacco Indemnification and Community Revitalization Endowment","order_by":null,"url":"\/3.2-3104\/"},{"id":85396,"section_number":"32.1-361.1","catch_line":"Virginia Foundation for Healthy Youth Endowment","order_by":null,"url":"\/32.1-361.1\/"},{"id":86943,"section_number":"51.5-63","catch_line":"Board to administer institutional fund","order_by":null,"url":"\/51.5-63\/"}],"refers_to":false,"permalink":{"id":274071,"object_type":"law","relational_id":84375,"identifier":"64.2-1100","token":"64.2\/III\/11\/64.2-1100","url":"\/64.2-1100\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1100\/","token":"64.2\/III\/11\/64.2-1100","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1100","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

In this chapter:\n\t\t“Charitable purpose<\/span>” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental or municipal purpose, or any other purpose the achievement of which is beneficial to the community.\n\t\t“Endowment fund<\/span>” means an institutional fund<\/span> or part thereof that, under the terms of a gift instrument<\/span>, is not wholly expendable by the institution on a current basis. The term does not include assets<\/span> that an institution designates as an endowment fund<\/span> for its own use.\n\t\t“Gift instrument<\/span>” means a record<\/span> or records<\/span>, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund<\/span>.\n\t\t“Institution” means:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A person<\/span>, other than an individual, organized and operated exclusively for charitable purposes<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.\n\t\t\t“Institutional fund<\/span>” means a fund held by an institution exclusively for charitable purposes<\/span>. The term does not include: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Program-related assets<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A fund held for an institution by a trustee<\/span> that is not an institution, unless the fund is held by the trustee<\/span> as a component trust of a community trust or foundation; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> 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.\n\t\t\t“Person<\/span>” 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.\n\t\t\t“Program-related asset<\/span>” means an asset held by an institution primarily to accomplish a charitable purpose<\/span> of the institution and not primarily for investment.\n\t\t\t“Record<\/span>” 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. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 64.2-1100)\n\nIn this chapter:\n\t\t“Charitable purpose” means the relief of poverty, the advancement\nof education or religion, the promotion of health, the promotion of a\ngovernmental or municipal purpose, or any other purpose the achievement of which\nis beneficial to the community.\n\t\t“Endowment fund” means an institutional fund or part thereof that,\nunder the terms of a gift instrument, is not wholly expendable by the\ninstitution on a current basis. The term does not include assets that an\ninstitution designates as an endowment fund for its own use.\n\t\t“Gift instrument” means a record or records, including an\ninstitutional solicitation, under which property is granted to, transferred to,\nor held by an institution as an institutional fund.\n\t\t“Institution” means:\n\n1. A person, other than an individual, organized and operated exclusively for\ncharitable purposes;\n\n2. A government or governmental subdivision, agency, or instrumentality, to the\nextent that it holds funds exclusively for a charitable purpose; or\n\n3. A trust that had both charitable and noncharitable interests, after all\nnoncharitable interests have terminated.\n\t\t\t“Institutional fund” means a fund held by an institution\nexclusively for charitable purposes. The term does not include:\n\n1. Program-related assets;\n\n2. A fund held for an institution by a trustee that is not an institution,\nunless the fund is held by the trustee as a component trust of a community trust\nor foundation; or\n\n3. A fund in which a beneficiary that is not an institution has an interest,\nother than an interest that could arise upon violation or failure of the\npurposes of the fund.\n\t\t\t“Person” means an individual, corporation, business trust,\nestate, trust, partnership, limited liability company, association, joint\nventure, public corporation, government or governmental subdivision, agency, or\ninstrumentality, or any other legal or commercial entity.\n\t\t\t“Program-related asset” means an asset held by an institution\nprimarily to accomplish a charitable purpose of the institution and not\nprimarily for investment.\n\t\t\t“Record” means information that is inscribed on a tangible medium\nor that is stored in an electronic or other medium and is retrievable in\nperceivable form.\n\nHISTORY: 1973, c. 167, \u00a7 55-268.1; 1995, c. 199; 1997, c. 219; 2008, c. 184, \u00a7\n55-268.12; 2012, c. 614.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}