2005 Minnesota Statutes

     309.62 Uniform Management of Institutional Funds Act; 
  definitions.  

    Subdivision 1.    Scope.  For the purposes of sections 
 309.62 to 309.68, the following terms shall have the meanings 
 here given them.  

    Subd. 2.    Institution.  "Institution" means an 
 incorporated or unincorporated organization organized and 
 operated exclusively for educational, religious, charitable, or 
 other eleemosynary purposes, or a governmental organization to 
 the extent that it holds funds exclusively for any of these 
 purposes.  

    Subd. 3.    Institutional fund.  "Institutional fund" 
 means a fund held by an institution for its exclusive use, 
 benefit, or purposes, but does not include (a) a fund held for 
 an institution by a trustee that is not an institution or (b) a 
 fund in which a beneficiary that is not an institution has an 
 interest, other than possible rights that could arise upon 
 violation or failure of the purposes of the fund.  

    Subd. 4.    Endowment fund.  "Endowment fund" means an 
 institutional fund, or any part thereof, not wholly expendable 
 by the institution on a current basis under the terms of the 
 applicable gift instrument. 

    Subd. 5.    Historic dollar value.  "Historic dollar 
 value" means the aggregate fair value in dollars of (a) an 
 endowment fund at the time it became an endowment fund, (b) each 
 subsequent donation to the fund at the time it is made, and (c) 
 each accumulation made pursuant to a direction in the applicable 
 gift instrument at the time the accumulation is added to the 
 fund.  The determination of historic dollar value made in good 
 faith by the institution is conclusive.  

    Subd. 6.    Gift instrument.  "Gift instrument" means a 
 will, deed, grant, conveyance, agreement, memorandum, writing, 
 or other governing document, including the terms of any 
 institutional solicitations from which an institutional fund 
 resulted, under which property is transferred to or held by an 
 institution as an institutional fund.  

    HIST: 1973 c 313 s 1