As used in sections 402.130 to 402.148, the following terms shall mean:

1. (1) "Charitable purpose", 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. (2) "Endowment fund", 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 shall not include assets that an institution designates as an endowment fund for its own use;
3. (3) "Gift instrument", 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. (4) "Institution":

   1. (a) A person, other than an individual, organized and operated exclusively for charitable purposes;
   2. (b) A government or governmental subdivision, agency, or instrumentality to the extent that it holds funds exclusively for a charitable purpose; or
   3. (c) A trust that had both charitable and noncharitable interests after all noncharitable interests have terminated;

5. (5) "Institutional fund", a fund held by an institution exclusively for charitable purposes. It shall not include:

   1. (a) Program-related assets;
   2. (b) A fund held for an institution by a trustee that is not an institution; or
   3. (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. (6) "Person", 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. (7) "Program-related asset", an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment;
8. (8) "Record", information that is inscribed on tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

(L. 2009 H.B. 239)