Hawaii Revised Statutes 517E-2 – Definitions
Terms Used In Hawaii Revised Statutes 517E-2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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. See Hawaii Revised Statutes 517E-2
- Community foundation: means a community foundation or community trust recognized as exempt from federal income tax and referred to in section 170(c) of the Internal Revenue Code of 1986, as amended, and which meets the single entity requirements of United States Treasury Regulations sections 1. See Hawaii Revised Statutes 517E-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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. See Hawaii Revised Statutes 517E-2
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Institution: means :
(1) A person, other than an individual, organized and operated exclusively for charitable purposes;
(2) A government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; or
(3) A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated. See Hawaii Revised Statutes 517E-2
- Institutional fund: means a fund held by an institution exclusively for charitable purposes. See Hawaii Revised Statutes 517E-2
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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. See Hawaii Revised Statutes 517E-2
- 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. See Hawaii Revised Statutes 517E-2
- Trustee: A person or institution holding and administering property in trust.
As used in this chapter, unless the context otherwise requires:
“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.
“Community foundation” means a community foundation or community trust recognized as exempt from federal income tax and referred to in section 170(c) of the Internal Revenue Code of 1986, as amended, and which meets the single entity requirements of United States Treasury Regulations sections 1.170A-9(e)(10-14) adopted thereunder.
“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.
“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.
“Institution” means:
(1) A person, other than an individual, organized and operated exclusively for charitable purposes;
(2) A government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; or
(3) A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.
“Institutional fund” means a fund held by an institution exclusively for charitable purposes. The term does not include:
(1) Program-related assets;
(2) A fund held for an institution by a trustee that is not an institution, unless the fund is held exclusively for the benefit of a community foundation; 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.
“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.
“Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.
“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.