Rhode Island § 18-12.1-2 § 18-12.1-2. Definitions.

Rhode Island Statutes

§ 18-12.1-2 — § 18-12.1-2. Definitions.

Rhode Island § 18-12.1-2

Title 18Fiduciaries

Ch. 18-12.1Uniform Prudent Management of Institutional Funds Act

This text of Rhode Island § 18-12.1-2 (§ 18-12.1-2. Definitions.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 18-12.1-2 (2026).

Text

§ 18-12.1-2. Definitions.
As used in this chapter:
(1) "Charitable purposeâ€� 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 fundâ€� 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.
         
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§ 18-12.1-2. Definitions.

As used in this chapter:

(1) "Charitable purposeâ€� 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 fundâ€� 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 instrumentâ€� 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) "Institutionâ€� means:

(i) a person, other than an individual, organized and operated exclusively for charitable purposes;

(ii) a government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; or

(iii) a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.

(5) "Institutional fundâ€� means a fund held by an institution exclusively for charitable purposes. The term does not include:

(i) program-related assets;

(ii) a fund held for an institution by a trustee that is not an institution; or

(iii) 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) "Personâ€� 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 assetâ€� means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.

(8) "Recordâ€� 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.