Idaho State Statutes - Idaho Attorney Directory

In this chapter:
(1) "Institutional endowment fund" means an institutional fund, or any
part thereof, not wholly expendable by the institution on a current basis
under the terms of the applicable gift instrument, but shall not include
permanent endowment funds managed pursuant to chapter 7, title 57, Idaho Code.
(2) "Gift instrument" means a will, deed, grant, conveyance, agreement,
memorandum, writing, or other governing document (including the terms of any
institutional solicitations from which an institutional fund resulted) under
which property is transferred to or held by an institution as an institutional
fund.
(3) "Governing board" means the body responsible for the management of an
institution or of an institutional fund.
(4) "Historic dollar value" means the aggregate fair value in dollars of:
(a) an institutional endowment fund at the time it became an institutional
endowment fund, (b) each subsequent donation to the fund at the time it is
made, and (c) each accumulation made pursuant to a direction in the
applicable gift instrument at the time the accumulation is added to the fund.
The determination of historic dollar value made in good faith by the
institution is conclusive.
(5) "Institution" means an incorporated or unincorporated organization
organized and operated exclusively for educational, religious, charitable, or
other eleemosynary purposes, or a governmental organization to the extent that
it holds funds exclusively for any of these purposes.
(6) "Institutional fund" means a fund held by an institution for its
exclusive use, benefit, or purposes, but does not include: (a) a fund held
for an institution by a trustee that is not an institution, or (b) a fund in
which a beneficiary that is not an institution has an interest, other than
possible rights that could arise upon violation or failure of the purposes of
the fund.

Click here to visit the Official Idaho State Statutes