There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 55-14-1 — Definition of terms.
55-14-1. Definition of terms. Terms used in this chapter mean:
(1) "Institution," an incorporated or
unincorporated organization organized and operated exclusively for
educational, religious, charitable, or other eleemosynary purposes,
or a governmental organization to the extent that it holds funds
exclusively for any of these purposes;
(2) "Institutional fund," a fund held by
an institution for its exclusive use, benefit, or purposes, but
does not include a fund held for an institution by a trustee that
is not an institution or a fund in which a beneficiary that is not
an institution has an interest, other than possible rights that
could arise upon violation or failure of the purposes of the
fund;
(3) "Endowment fund," an institutional
fund, or any part thereof, not wholly expendable by the institution
on a current basis under the terms of the applicable gift
instrument;
(4) "Governing board," the body
responsible for the management of an institution or of an
institutional fund;
(5) "Historic dollar value," the aggregate
fair value in dollars of an endowment fund at the time it became an
endowment fund, each subsequent donation to the fund at the time it
is made, and each accumulation made pursuant to a direction in the
applicable gift instrument at the time the accumulation is added to
the fund. The determination of historic dollar value made in good
faith by the institution is conclusive;
(6) "Gift instrument," a will, deed,
grant, conveyance, agreement, memorandum, writing, or other
governing document (including the terms of any institutional
solicitations from which an institutional fund resulted) under
which property is transferred to or held by an institution as an
institutional fund.
Source: SL 2000, ch 230, § 1.
Source: SL 2000, ch 230, § 1.
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