2023 New York Laws › NPC - Not-For-Profit Corporation › Article 5-A - Prudent Management of Institutional Funds Act › 551 - Definitions.

§ 551. Definitions.
As used in this article:
(a)  "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 including any  purpose  that  is  charitable
under the laws of the state of New York.
(a-1)  "Donor" means the person who grants or transfers property to an
institution pursuant to a gift instrument, or a person designated in the
applicable gift instrument to act in the place of the  donor,  but  does
not   otherwise  include  the  person's  executors,  heirs,  successors,
assigns, transferees, or distributees.
(b) "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  may  designate  as  an  endowment  fund  for  its  own use,
consistent with the terms of the applicable gift instrument.
(c)  "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.
(d) "Institution" means: (1)  a  person,  other  than  an  individual,
organized  and operated exclusively for charitable purposes; (2) a trust
that  had  both  charitable  and  noncharitable  interests,  after   all
noncharitable   interests   have  terminated;  or  (3)  any  corporation
described  in  subparagraph  five  of  paragraph  (a)  of  section   102
(Definitions).  Whenever  any  provision  of  this  article  imposes any
obligation on, or requires any action to be taken  by,  an  institution,
such  obligation  is imposed on, and such action shall be authorized by,
the governing board of such institution.
(e) "Institutional fund" means a fund held  by  an  institution.  This
term  shall not include: (1) program-related assets; (2) a fund held for
an institution by a trustee that is not an institution; or (3) 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.
(f) "Notice" means information given by an institution as required  by
this  article. An institution will be considered to have given notice if
notice is given personally in writing or sent to  the  recipient's  last
known  address  on  record with the institution, or, if no address is on
record with the institution, if the institution makes reasonable efforts
to attempt to find and notify the recipient. If the  notice  is  mailed,
such  notice  is  given  when  deposited in the United States mail, with
postage thereon prepaid. If the notice is delivered by electronic means,
such as via facsimile or email, such notice is given when the notice  is
sent.
(g) "Person" means an individual, corporation, business trust, estate,
trust,   partnership,  limited  liability  company,  association,  joint
venture, or any other legal entity.
(h) "Program-related asset" means an asset held by an institution  not
for  investment under the terms of the gift instrument, but primarily to
accomplish a programmatic purpose of the institution.
(i) "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.
(j)  A  donor  is  "available"  if such donor (1) is living or, if the
donor  is  not  a  natural  person,  is  in  existence  and   conducting
activities;  and  (2)  can  be  identified  and  located with reasonable
efforts.
(k)  "External  agent"  means  an  independent   investment   advisor,
investment counsel or manager, bank, or trust company.