§ 21-16-1102 — Definitions

(a) As used in this article:
(i) "Challenge fund" means the community college
endowment challenge fund created under this article;
(ii) "Endowment gift" means an irrevocable gift or
transfer to a Wyoming community college foundation of money or
other property, whether real, personal, tangible or intangible,
and whether or not the donor or transferor retains an interest
in the property, where the gift or the foundation's interest in
the property is required to be used by the foundation
exclusively for endowment purposes, where:
(A) The gift was received or the transfer
occurred on or after July 1, 2004; or
(B) A commitment to make the gift or transfer
was made in writing to the respective community college
foundation, which commitment was received on or after July 1,
2004, and the gift was received or the transfer occurred not
later than December 31 of the fifth calendar year following the
calendar year in which the written commitment was made.
(iii) "Foundation" means an organization established
for each community college that among other purposes, exists to
generate additional revenues for community college programs and
activities;
(iv) "Permanent endowment funds managed by a Wyoming
community college foundation" means the endowment funds that are
invested by the respective Wyoming community college foundation
on a permanent basis and the earnings on those investments are
dedicated to be expended exclusively to benefit and promote the
mission, operation or any program or activity of the respective
community college, including but not limited to professorships
and student scholarships, increases to the corpus of the
endowment and defraying reasonable costs of endowment
administration.