(1) "Agent" means the State Treasurer.

(2) "Assets" means all funds, investments, and similar property owned by the respective state institutions of higher learning and in the custody of the Agent.

(3) "Beneficiary" means an institution of higher learning which may receive a benefit under the program.

(4) "Board" means the Board of Trustees of the respective institution of higher learning acting as trustee of the endowment system.

(5) "Fiduciary" means a person who:

(a) exercises any authority to invest or manage assets of a system;

(b) provides investment advice for a fee or other direct or indirect compensation with respect to assets of a system or has any authority or responsibility to do so; or

(c) is a member of the board of trustees of the respective institution when it acts as trustee for the endowment system.

(6) "Panel" means the State Retirement Systems Investment Panel established pursuant to § 9-16-310.

(7) "Endowment funds" means those funds donated to the respective individual state-supported institutions of higher learning of the State of South Carolina, which are held and invested by the State Treasurer on behalf of the institutions. The endowment of each institution is separate and cannot be commingled, except under those circumstances where it can be invested in liquid assets as approved by the appropriate trustees.

(8) "Trustee" means the board of trustees of the respective institutions of higher learning.