New Jersey Administrative Code
Title 3 - BANKING
Chapter 35 - QUALIFIED EDUCATIONAL INSTITUTIONS
Subchapter 1 - QUALIFIED EDUCATIONAL INSTITUTIONS
Section 3:35-1.2 - Definitions

The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.

"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.

"Department" means the New Jersey Department of Banking and Insurance.

"Qualified educational institution" means a not-for-profit corporation which is operated pursuant to Title 15A of the New Jersey Statutes and which is organized and operated exclusively for educational purposes, is exempt from Federal income taxation pursuant to paragraph (3) of subsection (c) of section 501 or 115 of the Internal Revenue Code of 1986, 26 U.S.C. § 501(c)(3) and 26 U.S.C. § 115, and has registered with the Department to act as executor, trustee, guardian or administrator pursuant to this subchapter.

"Qualified interest" means the interest of the qualified educational institution as an income beneficiary, a principal beneficiary of a trust, or both, which is a charitable remainder trust, charitable lead trust or pooled income fund, or similar split interest trust, and in which the qualified educational institution is entitled to receive at least 51 percent of the income of the trust or 51 percent of the principal.

"Unrestricted net assets" means the part of the net assets of the educational institution that is neither permanently restricted nor temporarily restricted by donor imposed stipulations.