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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 9-8-703

History organization endowment funds. A qualifying organization may create an endowment fund into which there may be deposited money from funds made available for that purpose. The principal of ea…

Source excerpt

accountingendowment administrationfiduciary managementfund administrationfund investmentfund managementinvestmentinvestment of fundsrestricted use of principal
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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“History organization endowment funds. A qualifying organization may create an endowment fund into which there may be deposited money from funds made available for that purpose. The principal of each endowment fund may not be expended by”

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History organization endowment funds.

History organization endowment funds. A qualifying organization may create an endowment fund into which there may be deposited money from funds made available for that purpose. The principal of each endowment fund may not be expended by

Section 9-8-703

Subsection 9-8-703(1)(b)

The qualifying organization may not expend the principal of each endowment fund, and the principal must be held in perpetuity solely by the qualifying organization or the Division of Finance on its behalf.

Section 9-8-703(1)(b)

Subsection 9-8-703(2)

An endowment fund must be administered under generally accepted accounting principles by professional endowment management personnel.

Section 9-8-703(2)

Subsection 9-8-703(2)(b)

If a qualifying organization has no professional endowment management personnel available, it must place the endowment fund in a state fiduciary fund administered by the Division of Finance.

Section 9-8-703(2)(b)

Subsection 9-8-703(3)(b)

Administration costs must be deducted from interest income before the Division of Finance may make allocations to the qualifying organization.

Section 9-8-703(3)(b)

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

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Showing 12 of 12 provisions

Provision 12

Part 9-8-7

part 9-8-7 Endowment Funds for History Organizations

§ 9-8-703History organization endowment funds.Provision

Source excerpt

History organization endowment funds. A qualifying organization may create an endowment fund into which there may be deposited money from funds made available for that purpose. The principal of each endowment fund may not be expended by

History organization endowment funds. A qualifying organization may create an endowment fund into which there may be deposited money from funds made available for that purpose. The principal of each endowment fund may not be expended by the qualifying organization and shall be held in perpetuity solely by the qualifying organization or by the Division of Finance on behalf of the qualifying organization. Only interest income earned on the amount in each endowment fund may be expended by the qualifying organization. The principal of each endowment fund shall be invested in accordance with Title 51, Chapter 7, State Money Management Act . An endowment fund shall be administered in accordance with generally accepted accounting principles by professional endowment management personnel. If no professional endowment management personnel is available to the qualifying organization, the qualifying organization shall place the endowment fund in a state fiduciary fund administered by the Division of Finance. If an endowment fund is administered by the Division of Finance: the Division of Finance shall allocate interest income to the qualifying organization annually; and the costs for the administration shall be deducted from the interest income before allocations of interest income may be made to the qualifying organization by the Division of Finance.
Section 9-8-703Verify source
§ 9-8-703(1)Subsection 9-8-703(1)Provision

Source excerpt

A qualifying organization may create an endowment fund, but the principal must be kept intact and invested under the State Money Management Act; only interest income may be spent.

A qualifying organization may create an endowment fund into which there may be deposited money from funds made available for that purpose. The principal of each endowment fund may not be expended by the qualifying organization and shall be held in perpetuity solely by the qualifying organization or by the Division of Finance on behalf of the qualifying organization. Only interest income earned on the amount in each endowment fund may be expended by the qualifying organization. The principal of each endowment fund shall be invested in accordance with Title 51, Chapter 7, State Money Management Act .
Section 9-8-703(1)Verify source
§ 9-8-703(1)(a)Subsection 9-8-703(1)(a)Provision

Source excerpt

A qualifying organization may create an endowment fund.

A qualifying organization may create an endowment fund into which there may be deposited money from funds made available for that purpose.
Section 9-8-703(1)(a)Verify source
§ 9-8-703(1)(b)Subsection 9-8-703(1)(b)Provision

Source excerpt

The qualifying organization may not expend the principal of each endowment fund, and the principal must be held in perpetuity solely by the qualifying organization or the Division of Finance on its behalf.

The principal of each endowment fund may not be expended by the qualifying organization and shall be held in perpetuity solely by the qualifying organization or by the Division of Finance on behalf of the qualifying organization.
Section 9-8-703(1)(b)Verify source
§ 9-8-703(1)(c)Subsection 9-8-703(1)(c)Provision

Source excerpt

Only interest income earned on the amount in each endowment fund may be expended by the qualifying organization.

Only interest income earned on the amount in each endowment fund may be expended by the qualifying organization.
Section 9-8-703(1)(c)Verify source
§ 9-8-703(1)(d)Subsection 9-8-703(1)(d)Provision

Source excerpt

The principal of each endowment fund must be invested under the State Money Management Act.

The principal of each endowment fund shall be invested in accordance with Title 51, Chapter 7, State Money Management Act .
Section 9-8-703(1)(d)Verify source
§ 9-8-703(2)Subsection 9-8-703(2)Provision

Source excerpt

An endowment fund must be administered under generally accepted accounting principles by professional endowment management personnel.

An endowment fund shall be administered in accordance with generally accepted accounting principles by professional endowment management personnel. If no professional endowment management personnel is available to the qualifying organization, the qualifying organization shall place the endowment fund in a state fiduciary fund administered by the Division of Finance.
Section 9-8-703(2)Verify source
§ 9-8-703(2)(a)Subsection 9-8-703(2)(a)Provision

Source excerpt

An endowment fund must be administered under generally accepted accounting principles by professional endowment management personnel.

An endowment fund shall be administered in accordance with generally accepted accounting principles by professional endowment management personnel.
Section 9-8-703(2)(a)Verify source
§ 9-8-703(2)(b)Subsection 9-8-703(2)(b)Provision

Source excerpt

If a qualifying organization has no professional endowment management personnel available, it must place the endowment fund in a state fiduciary fund administered by the Division of Finance.

If no professional endowment management personnel is available to the qualifying organization, the qualifying organization shall place the endowment fund in a state fiduciary fund administered by the Division of Finance.
Section 9-8-703(2)(b)Verify source
§ 9-8-703(3)Subsection 9-8-703(3)Provision

Source excerpt

If an endowment fund is administered by the Division of Finance, it must annually allocate interest income to the qualifying organization and deduct administration costs from that income before allocation.

If an endowment fund is administered by the Division of Finance: the Division of Finance shall allocate interest income to the qualifying organization annually; and the costs for the administration shall be deducted from the interest income before allocations of interest income may be made to the qualifying organization by the Division of Finance.
Section 9-8-703(3)Verify source
§ 9-8-703(3)(a)Subsection 9-8-703(3)(a)Provision

Source excerpt

The Division of Finance must allocate interest income to the qualifying organization every year.

the Division of Finance shall allocate interest income to the qualifying organization annually; and
Section 9-8-703(3)(a)Verify source
§ 9-8-703(3)(b)Subsection 9-8-703(3)(b)Provision

Source excerpt

Administration costs must be deducted from interest income before the Division of Finance may make allocations to the qualifying organization.

the costs for the administration shall be deducted from the interest income before allocations of interest income may be made to the qualifying organization by the Division of Finance.
Section 9-8-703(3)(b)Verify source

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