Terms Used In Rhode Island General Laws > Chapter 18-12.1 - Uniform Prudent Management of Institutional Funds Act

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• 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 Rhode Island General Laws 18-12.1-2
• 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.
• Donor: The person who makes a gift.
• 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 Rhode Island General Laws 18-12.1-2
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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. See Rhode Island General Laws 18-12.1-2
• Institution: means :

  (i)  a person, other than an individual, organized and operated exclusively for charitable purposes;

  (ii)  a government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; or

  (iii)  a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated. See Rhode Island General Laws 18-12.1-2

• Institutional fund: means a fund held by an institution exclusively for charitable purposes. See Rhode Island General Laws 18-12.1-2
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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 Rhode Island General Laws 18-12.1-2
• 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 Rhode Island General Laws 18-12.1-2
• Trustee: A person or institution holding and administering property in trust.