                                 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.