NRS 164.640 – Short title.
The provisions of NRS 164.640 to 164.680, inclusive, may be cited as the Uniform Prudent Management of Institutional Funds Act. (Added to NRS by 2007, 112)
NRS 164.643 – Definitions.
As used in NRS 164.640 to 164.680, inclusive, unless the context otherwise requires, the words and terms defined in NRS 164.645 to 164.663, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2007, 112)
NRS 164.645 – “Charitable purpose” defined.
“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. (Added to NRS by 2007, 112)
NRS 164.647 – “Endowment fund” defined.
“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. (Added to NRS by 2007, 112)
NRS 164.650 – “Gift instrument” defined.
“Gift instrument” means a record or records, including, without limitation, an institutional solicitation, under which property is granted to, transferred to or held by an institution as an institutional fund. (Added to NRS by 2007, 112)
NRS 164.653 – “Institution” defined.
“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; and 3. A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated. (Added […]
NRS 164.655 – “Institutional fund” defined.
“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; or 3. A fund in which a beneficiary that is not an institution has an interest, other than an […]
NRS 164.657 – “Person” defined.
“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. (Added to NRS by 2007, 113)
NRS 164.660 – “Program-related asset” defined.
“Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment. (Added to NRS by 2007, 113)
NRS 164.663 – “Record” defined.
“Record” means information which is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form. (Added to NRS by 2007, 113)
NRS 164.665 – Standard of conduct in managing and investing institutional fund.
1. Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund. 2. In addition to complying with the duty of loyalty imposed by law other than NRS 164.640 to […]
NRS 164.667 – Appropriation for expenditure or accumulation of endowment fund; rules of construction.
1. Subject to the intent of a donor expressed in the gift instrument and to subsection 4, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes and duration for which the endowment fund is established. Unless stated otherwise in […]
NRS 164.670 – Delegation of management and investment functions.
1. Subject to any specific limitation set forth in a gift instrument or in law other than NRS 164.640 to 164.680, inclusive, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in […]
NRS 164.673 – Release or modification of restrictions on management, investment or purpose.
1. If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable […]
NRS 164.675 – Reviewing compliance.
Compliance with NRS 164.640 to 164.680, inclusive, is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. (Added to NRS by 2007, 116)
NRS 164.677 – Relation to Electronic Signatures in Global and National Commerce Act.
The provisions ofNRS 164.640 to 164.680, inclusive, modify, limit and supersede the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. §§ 7001 et seq., but do not modify, limit or supersede Section 101 of that Act, 15 U.S.C. § 7001(a), or authorize electronic delivery of any of the notices described in Section 103 […]
NRS 164.680 – Uniformity of application and construction.
In applying and construing the Uniform Prudent Management of Institutional Funds Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (Added to NRS by 2007, 116)