§ 17-7-302 — Definitions

Wyoming § 17-7-302

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 7: CHARITABLE, EDUCATIONAL, RELIGIOUS AND OTHER
• Art. 3: UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS

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(a) As used in this act:
(i) "Charitable purpose" 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;
(ii) "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;
(iii) "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;
(iv) "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
been terminated.
(v) "Institutional fund" means a fund held by an
institution exclusively for charitable purposes. The term does
not include:
(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.
(vi) "Person" means as defined by W.S. 8-1-102;
(vii) "Program-related asset" means an asset held by
an institution primarily to accomplish a charitable purpose of
the institution and not primarily for investment;
(viii) "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;
(ix) "This act" means W.S. 17-7-301 through 17-7-307.