9-6-507 - Spending restrictions -- Return of endowment. - Utah Statutes

9-6-507. Spending restrictions -- Return of endowment.
(1) A qualifying organization, once it has received its endowment money from the statefund, may not expend any of those money or the required matching money in its endowmentfund, but may expend only the interest income earned on the money in its endowment fund.
(2) If the board determines that a qualifying organization has expended any amount ofthe endowment money received from the state fund or any amount of the required matchingmoney, the qualifying organization shall return the amount it received from the state fund. Theboard shall reallocate any such returned money to qualifying organizations in the manner asprovided in Section 9-6-506.

Renumbered and Amended by Chapter 241, 1992 General Session