(1) In this subchapter:(1) “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.(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; or(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) (A) “Materially negative financial impact” means a materially negative financial impact on the institutional fund's total net investment performance, considering all financial returns received by the fund and all costs paid by the fund.(B) “Materially negative financial impact” does not include the government institution's administrative costs that are not paid by the fund.(7) “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.(8) “Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.(9) “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.(10) “Service provider” means a person, including without limitation an affiliate, offering or providing financial services to the institutional fund, including without limitation:(A) an investment manager, investment company, securities broker or dealer, investment advisor, or subadvisor; or(B) a proxy advisor, including any person who provides corporate governance ratings, proxy research and analyses, proxy voting advice, or other similar services, for compensation and for the purpose of advising a shareholder on how to vote on measures under consideration by shareholders or proxy voting on behalf of a shareholder.
(1) “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.
(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; or(C) a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.
(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 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.
(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) (A) “Materially negative financial impact” means a materially negative financial impact on the institutional fund's total net investment performance, considering all financial returns received by the fund and all costs paid by the fund.(B) “Materially negative financial impact” does not include the government institution's administrative costs that are not paid by the fund.
(A) “Materially negative financial impact” means a materially negative financial impact on the institutional fund's total net investment performance, considering all financial returns received by the fund and all costs paid by the fund.
(B) “Materially negative financial impact” does not include the government institution's administrative costs that are not paid by the fund.
(7) “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.
(8) “Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.
(9) “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.
(10) “Service provider” means a person, including without limitation an affiliate, offering or providing financial services to the institutional fund, including without limitation:(A) an investment manager, investment company, securities broker or dealer, investment advisor, or subadvisor; or(B) a proxy advisor, including any person who provides corporate governance ratings, proxy research and analyses, proxy voting advice, or other similar services, for compensation and for the purpose of advising a shareholder on how to vote on measures under consideration by shareholders or proxy voting on behalf of a shareholder.
(A) an investment manager, investment company, securities broker or dealer, investment advisor, or subadvisor; or
(B) a proxy advisor, including any person who provides corporate governance ratings, proxy research and analyses, proxy voting advice, or other similar services, for compensation and for the purpose of advising a shareholder on how to vote on measures under consideration by shareholders or proxy voting on behalf of a shareholder.