Ohio Code § 5813.01
Ohio Code § 5813.01. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 5813.01.
As used in sections 5813.01 to 5813.07 of the Revised Code : (A) “ Institution ” means an incorporated or unincorporated organization that is 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 those purposes. (B) “ Governing board ” means the body responsible for the management of an institution. (C) “ Institutional trust fund ” means a trust fund, or a part of a trust fund, that is held by a trustee for the
exclusive use, benefit, or purposes of one or more institutions and that is not wholly
distributable to the institution or institutions on a current basis under the terms
of the applicable trust instrument. “ Institutional trust fund ” does not include a fund in which a beneficiary that is not an institution has an
interest other than a right that may arise upon a violation of a covenant under the
terms of the applicable trust instrument or upon a violation of or the failure of
the purposes of the fund. (D) “ Applicable fund value ” means for any particular fiscal year the sum of the month-end values of the net
assets of an institutional trust fund for the prior fiscal year for those months in
which the institutional trust fund has been in existence during such prior fiscal
year divided by the number of those months. The month-end values shall be determined by the trustee in accordance with the trustee's
records, and any such determination made by a trustee in good faith is conclusive. (E) “ Trust instrument ” means a testamentary or inter vivos trust under which the trustee of the trust holds
an institutional trust fund. (F) “ Trustee ” means an individual, corporation, institution, or organization, including, but not
limited to, a bank, trust company, or other financial institution, serving as a trustee
or as sole trustee under a trust instrument. “ Trustee ” includes an original trustee and any successor or added trustee.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 5813.01
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
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