In sections 309.735 to 309.77:
(1) "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, or any other 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; and
(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:
(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.
2008 c 188 s 2
Structure Minnesota Statutes
Chapters 300 - 323A — Business, Social, And Charitable Organizations
Chapter 309 — Social And Charitable Organizations
Section 309.50 — Solicitation Of Charitable Funds; Definitions.
Section 309.52 — Statement Requirement.
Section 309.53 — Annual Report.
Section 309.531 — Registration Of Professional Fundraisers.
Section 309.533 — Investigations.
Section 309.55 — Prohibited Practices.
Section 309.556 — Public Disclosure Requirements.
Section 309.56 — Service Of Process.
Section 309.57 — District Court Jurisdiction, Penalties, Enforcement.
Section 309.581 — Violations; Penalties.
Section 309.582 — Consultants.
Section 309.59 — Construction; Powers Of Attorney General.
Section 309.591 — Rulemaking Power.
Section 309.60 — Reciprocal Agreements, Other States.
Section 309.61 — Severability.
Section 309.72 — Acquisition Of Interests In Insurance.
Section 309.735 — Definitions.
Section 309.74 — Standard Of Conduct In Managing And Investing Institutional Fund.
Section 309.75 — Delegation Of Management And Investment Functions.
Section 309.755 — Release Or Modification Of Restrictions On Management, Investment, Or Purpose.
Section 309.76 — Reviewing Compliance.
Section 309.765 — Application To Existing Institutional Funds.
Section 309.77 — Relation To Electronic Signatures In Global And National Commerce Act.