Colorado § 15-1-1102 Definitions

Colorado Statutes

§ 15-1-1102 — Definitions

Colorado·Title 15 Probate,·Art. Fiduciary

As used in this part 11, unless the context otherwise requires:

(1)Charitable purpose means the relief of poverty, the advancement of education or religion, the promotion of health, or any other charitable or eleemosynary purpose.

(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 excl

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As used in this part 11, unless the context otherwise
requires:

(1) Charitable purpose means the relief of poverty, the advancement of
education or religion, the promotion of health, or any other charitable or
eleemosynary purpose.

(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 funds held by the public employees'
retirement association created by article 51 of title 24, C.R.S., or:

(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.

(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.

Colorado § 15-1-1102 (Definitions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 2008: Entire part R&RE, p. 559, � 1, effective September 1. L. 2009: IP(5) amended, (SB 09-282), ch. 288, p. 1398, � 61, effective January 1, 2010.