§ 551 — Definitions

§ 551. Definitions.\n As used in this article:\n (a) "Charitable purpose" means the relief of poverty, the advancement\nof education or religion, the promotion of health, the promotion of a\ngovernmental purpose, or any other purpose the achievement of which is\nbeneficial to the community including any purpose that is charitable\nunder the laws of the state of New York.\n (a-1) "Donor" means the person who grants or transfers property to an\ninstitution pursuant to a gift instrument, or a person designated in the\napplicable gift instrument to act in the place of the donor, but does\nnot otherwise include the person's executors, heirs, successors,\nassigns, transferees, or distributees.\n (b) "Endowment fund" means an institutional fund or part thereof that,\nunder the terms of a gift instrument, is not wholly expendable by the\ninstitution on a current basis. The term does not include assets that an\ninstitution may designate as an endowment fund for its own use,\nconsistent with the terms of the applicable gift instrument.\n (c) "Gift instrument" means a record or records, including an\ninstitutional solicitation, under which property is granted to,\ntransferred to, or held by an institution as an institutional fund.\n (d) "Institution" means: (1) a person, other than an individual,\norganized and operated exclusively for charitable purposes; (2) a trust\nthat had both charitable and noncharitable interests, after all\nnoncharitable interests have terminated; or (3) any corporation\ndescribed in subparagraph five of paragraph (a) of section 102\n(Definitions). Whenever any provision of this article imposes any\nobligation on, or requires any action to be taken by, an institution,\nsuch obligation is imposed on, and such action shall be authorized by,\nthe governing board of such institution.\n (e) "Institutional fund" means a fund held by an institution. This\nterm shall not include: (1) program-related assets; (2) a fund held for\nan institution by a trustee that is not an institution; or (3) a fund in\nwhich a beneficiary that is not an institution has an interest, other\nthan an interest that could arise upon violation or failure of the\npurposes of the fund.\n (f) "Notice" means information given by an institution as required by\nthis article. An institution will be considered to have given notice if\nnotice is given personally in writing or sent to the recipient's last\nknown address on record with the institution, or, if no address is on\nrecord with the institution, if the institution makes reasonable efforts\nto attempt to find and notify the recipient. If the notice is mailed,\nsuch notice is given when deposited in the United States mail, with\npostage thereon prepaid. If the notice is delivered by electronic means,\nsuch as via facsimile or email, such notice is given when the notice is\nsent.\n (g) "Person" means an individual, corporation, business trust, estate,\ntrust, partnership, limited liability company, association, joint\nventure, or any other legal entity.\n (h) "Program-related asset" means an asset held by an institution not\nfor investment under the terms of the gift instrument, but primarily to\naccomplish a programmatic purpose of the institution.\n (i) "Record" means information that is inscribed on a tangible medium\nor that is stored in an electronic or other medium and is retrievable in\nperceivable form.\n (j) A donor is "available" if such donor (1) is living or, if the\ndonor is not a natural person, is in existence and conducting\nactivities; and (2) can be identified and located with reasonable\nefforts.\n (k) "External agent" means an independent investment advisor,\ninvestment counsel or manager, bank, or trust company.\n