Sec. 45a-535a. Definitions.
Sec. 45a-535a. Definitions. As used in sections 45a-535 to 45a-535i, inclusive,
unless the context otherwise requires:
(1) "Charitable purpose" means the relief of poverty, the advancement of education
or religion, the promotion of health, the promotion of governmental purposes and any
other purpose the achievement of which is beneficial to the community;
(2) "Endowment fund" means an institutional fund or any part thereof not wholly
expendable by the institution on a current basis under the terms of a gift instrument.
The term does not include assets of an institution designated by the institution 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 a 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 or a fund held by trustee for a charitable community trust. The term does not
include:
(A) Program-related assets;
(B) A fund held for an institution by a trustee that is not an institution, other than
a fund which is held for a charitable community trust; 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 appreciation or
the production of income; and
(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.
(P.A. 07-91, S. 29; P.A. 08-6, S. 3.)
History: P.A. 08-6 redefined "institutional fund" in Subdiv. (5) by adding references to a fund held for a charitable
community trust, effective April 29, 2008.