9-8-703 - History organization endowment funds. - Utah Statutes

9-8-703. History organization endowment funds.
(1) Any qualifying organization may create an endowment fund into which there may bedeposited money from the state fund. The principal of each endowment fund may not beexpended by the qualifying organization and shall be held in perpetuity solely by the qualifyingorganization or by the Division of Finance on behalf of the qualifying organization. Only interestincome earned on the amount in each endowment fund may be expended by the qualifyingorganization. The principal of each endowment fund shall be invested in accordance with Title51, Chapter 7, State Money Management Act of 1974.
(2) Each endowment fund shall be administered in accordance with generally acceptedaccounting principles by professional endowment management personnel. If no professionalendowment management personnel is available to the qualifying organization, it shall place itsendowment fund in a state trust and agency fund administered by the Division of Finance, whichshall allocate interest income to the qualifying organization annually.
(3) If an endowment fund is administered by the Division of Finance the costs for thisadministration shall be deducted from the interest income before allocations of interest incomemay be made to the qualifying organization by the Division of Finance.

Enacted by Chapter 121, 1991 General Session