9-6-503. Arts organization endowment funds.
(1) Any Utah nonprofit arts organization may create an endowment fund into which there
may be deposited moneys from the state fund. 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 council 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 of 1974.
(2) If a qualifying organization receives $50,000 or more from the state fund, these
moneys shall be administered in accordance with generally accepted accounting principles by the
qualifying organization's professional management. Amounts less than $50,000 shall be placed in
a state trust and agency fund invested by the state treasurer, who shall allocate interest income to
the qualifying organization.
(3) If an endowment fund is invested by the state treasurer the costs for this
administration shall be deducted from the interest income before allocations of interest income
may be made to the qualifying organization.
Renumbered and Amended by Chapter 241, 1992 General Session
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Last revised: Thursday, May 28, 2009