9-8-707 - Spending restrictions -- Return of endowment. - Utah Statutes

9-8-707. 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 monies or the required matching monies in its endowmentfund, but may expend only the interest income earned on the monies in its endowment fund.
(2) If a qualifying organization expends any amount of the endowment money receivedfrom the state fund or any amount of the required matching monies, the qualifying organizationshall return the amount it received from the state fund. The division shall reallocate any suchreturned monies to qualifying organizations in the manner as provided in Section 9-8-706.

Enacted by Chapter 121, 1991 General Session