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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 noncharitable 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, 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;
(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.
Effective:July 15, 2010
History: Created 2010 Ky. Acts ch. 34, sec. 1, effective July 15, 2010.
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