Indiana Code 30-2-12-2. “Endowment fund” defined
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Terms Used In Indiana Code 30-2-12-2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- endowment fund: means an institutional fund, or any part of the fund, not wholly expendable by the institution on a current basis under the terms of the applicable gift instrument. See Indiana Code 30-2-12-2
- 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 any of the following:
Indiana Code 30-2-12-5
- institutional fund: means a fund held by an institution exclusively for charitable purposes. See Indiana Code 30-2-12-6
Sec. 2. As used in this chapter, “endowment fund” means an institutional fund, or any part of the fund, not wholly expendable by the institution on a current basis under the terms of the applicable gift instrument. The term does not include assets that an institution designates as an endowment fund for the institution’s use.
As added by P.L.268-1989, SEC.1. Amended by P.L.226-2007, SEC.9.