governmental entity

an entity that meets all the following criteria: (a) it is part of, or wholly owned by, a government, including any political subdivision or local authority thereof; (b) it does not carry on a trade or business and has the principal purpose of: (i) fulfilling a government function; or (ii) managing or investing that government’s or jurisdiction’s assets through the making and holding of investments, asset management, and related investment activities for that government’s or jurisdiction’s assets; (c) it is accountable to a government on its overall performance, and provides annual information reporting to that government; and (d) its assets vest in a government upon dissolution and, to the extent it distributes net earnings, such net earnings are distributed solely to that government with no portion of its net earnings inuring to the benefit of any private person