                                 CODE OF VIRGINIA

DEFINITIONS (§ 64.2-1100)

In this chapter:
		&#8220;Charitable purpose&#8221; 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.
		&#8220;Endowment fund&#8221; 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.
		&#8220;Gift instrument&#8221; 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.
		&#8220;Institution&#8221; means:

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

2. A government or governmental subdivision, agency, or instrumentality, to the
extent that it holds funds exclusively for a charitable purpose; or

3. A trust that had both charitable and noncharitable interests, after all
noncharitable interests have terminated.
			&#8220;Institutional fund&#8221; means a fund held by an institution
exclusively for charitable purposes. The term does not include:

1. Program-related assets;

2. 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

3. 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.
			&#8220;Person&#8221; 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.
			&#8220;Program-related asset&#8221; means an asset held by an institution
primarily to accomplish a charitable purpose of the institution and not
primarily for investment.
			&#8220;Record&#8221; 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.

HISTORY: 1973, c. 167, § 55-268.1; 1995, c. 199; 1997, c. 219; 2008, c. 184, §
55-268.12; 2012, c. 614.