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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 9-6-503

Arts and museums endowment funds. Any Utah nonprofit arts or museum organization that meets the requirements described in this part may create an endowment fund into which there may be deposited money from the state…

Source excerpt

accountingadministrative costsendowment fund administrationendowment fund principal investmentendowment fundsfiduciary managementinterest income allocationstate funding
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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“Arts and museums endowment funds. Any Utah nonprofit arts or museum organization that meets the requirements described in this part may create an endowment fund into which there may be deposited money from the state fund. The principal of”

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Arts and museums endowment funds.

Arts and museums endowment funds. Any Utah nonprofit arts or museum organization that meets the requirements described in this part may create an endowment fund into which there may be deposited money from the state fund. The principal of

Section 9-6-503

Subsection 9-6-503(2)

The qualifying organization may not spend the principal of each covered endowment fund.

Section 9-6-503(2)

Subsection 9-6-503(4)

The principal of each endowment fund covered by this subsection must be invested under Title 51, Chapter 7, the State Money Management Act.

Section 9-6-503(4)

Subsection 9-6-503(5)(a)

If $50,000 or more comes from the state fund, the money must be administered by the qualifying organization's professional management under generally accepted accounting principles.

Section 9-6-503(5)(a)

Subsection 9-6-503(6)

If an endowment fund is under the direction of the state treasurer, the state treasurer shall deduct administrative costs related to the endowment fund before allocating any interest income to the qualifying organization.

Section 9-6-503(6)

04

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In force source record

Source record from le.utah.gov · Legal dates not recorded

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Showing 9 of 9 provisions

Provision 9

Part 9-6-5

part 9-6-5 State Arts Endowment

§ 9-6-503Arts and museums endowment funds.Provision

Source excerpt

Arts and museums endowment funds. Any Utah nonprofit arts or museum organization that meets the requirements described in this part may create an endowment fund into which there may be deposited money from the state fund. The principal of

Arts and museums endowment funds. Any Utah nonprofit arts or museum organization that meets the requirements described in this part may create an endowment fund into which there may be deposited money from the state fund. The principal of each endowment fund described in this section may not be expended by the qualifying organization and shall be held in perpetuity solely by the qualifying organization. Interest income earned on the amount in each endowment fund described in this section may be expended by the qualifying organization. The principal of each endowment fund described in this section shall be invested in accordance with Title 51, Chapter 7, State Money Management Act . If a qualifying organization that creates an endowment fund as described in this section receives: $50,000 or more from the state fund, the money shall be administered by the qualifying organization's professional management in accordance with generally accepted accounting principles; or less than $50,000 from the state fund, the money shall be placed in a state fiduciary fund under the direction of the state treasurer, and the state treasurer shall allocate interest income to the qualifying organization. If an endowment fund is under the direction of the state treasurer, the state treasurer shall deduct administrative costs related to the endowment fund before allocating any interest income to the qualifying organization.
Section 9-6-503Verify source
§ 9-6-503(1)Subsection 9-6-503(1)Provision

Source excerpt

A qualifying Utah nonprofit arts or museum organization may create an endowment fund.

Any Utah nonprofit arts or museum organization that meets the requirements described in this part may create an endowment fund into which there may be deposited money from the state fund.
Section 9-6-503(1)Verify source
§ 9-6-503(2)Subsection 9-6-503(2)Provision

Source excerpt

The qualifying organization may not spend the principal of each covered endowment fund.

The principal of each endowment fund described in this section may not be expended by the qualifying organization and shall be held in perpetuity solely by the qualifying organization.
Section 9-6-503(2)Verify source
§ 9-6-503(3)Subsection 9-6-503(3)Provision

Source excerpt

A qualifying organization may expend interest income earned on the amount in each endowment fund described in this section.

Interest income earned on the amount in each endowment fund described in this section may be expended by the qualifying organization.
Section 9-6-503(3)Verify source
§ 9-6-503(4)Subsection 9-6-503(4)Provision

Source excerpt

The principal of each endowment fund covered by this subsection must be invested under Title 51, Chapter 7, the State Money Management Act.

The principal of each endowment fund described in this section shall be invested in accordance with Title 51, Chapter 7, State Money Management Act .
Section 9-6-503(4)Verify source
§ 9-6-503(5)Subsection 9-6-503(5)Provision

Source excerpt

A qualifying organization receiving $50,000 or more from the state fund must have the money administered by its professional management under GAAP; if it receives less than $50,000, the money must go into a state fiduciary fund under the state treasurer’s direction, and the treasurer must allocate interest income to the organization.

If a qualifying organization that creates an endowment fund as described in this section receives: $50,000 or more from the state fund, the money shall be administered by the qualifying organization's professional management in accordance with generally accepted accounting principles; or less than $50,000 from the state fund, the money shall be placed in a state fiduciary fund under the direction of the state treasurer, and the state treasurer shall allocate interest income to the qualifying organization.
Section 9-6-503(5)Verify source
§ 9-6-503(5)(a)Subsection 9-6-503(5)(a)Provision

Source excerpt

If $50,000 or more comes from the state fund, the money must be administered by the qualifying organization's professional management under generally accepted accounting principles.

$50,000 or more from the state fund, the money shall be administered by the qualifying organization's professional management in accordance with generally accepted accounting principles; or
Section 9-6-503(5)(a)Verify source
§ 9-6-503(5)(b)Subsection 9-6-503(5)(b)Provision

Source excerpt

Money under $50,000 from the state fund must be placed in a state fiduciary fund, and the state treasurer must allocate the interest income to the qualifying organization.

less than $50,000 from the state fund, the money shall be placed in a state fiduciary fund under the direction of the state treasurer, and the state treasurer shall allocate interest income to the qualifying organization.
Section 9-6-503(5)(b)Verify source
§ 9-6-503(6)Subsection 9-6-503(6)Provision

Source excerpt

If an endowment fund is under the direction of the state treasurer, the state treasurer shall deduct administrative costs related to the endowment fund before allocating any interest income to the qualifying organization.

If an endowment fund is under the direction of the state treasurer, the state treasurer shall deduct administrative costs related to the endowment fund before allocating any interest income to the qualifying organization.
Section 9-6-503(6)Verify source

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