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8 LONG TITLE
9 General Description:
10 This bill modifies a provision in the Uniform Prudent Management of Institutional
11 Funds Act.
12 Highlighted Provisions:
13 This bill:
14 . changes a definition to allow for management of institutional funds, rather than only
15 endowment funds.
16 Monies Appropriated in this Bill:
18 Other Special Clauses:
20 Utah Code Sections Affected:
22 51-8-102, as enacted by Laws of Utah 2007, Chapter 59
24 Be it enacted by the Legislature of the state of Utah:
25 Section 1. Section 51-8-102 is amended to read:
26 51-8-102. Definitions.
27 As used in this chapter:
28 (1) "Charitable purpose" means the relief of poverty, the advancement of education or
29 religion, the promotion of health, the promotion of governmental purposes, and any other
30 purpose the achievement of which is beneficial to the community.
31 (2) (a) "Endowment fund" means an institutional fund, or any part of an institutional
32 fund, not wholly expendable by the institution on a current basis under the terms of a gift
34 (b) "Endowment fund" does not include assets of an institution designated by the
35 institution as an endowment fund for its own use.
36 (3) "Gift instrument" means a record or records, including an institutional solicitation,
37 under which property is granted to, transferred to, or held by an institution as an institutional
39 (4) (a) "Governing board" means the body responsible for the management of an
40 institution or of an institutional fund.
41 (b) "Governing board" means, for a higher education institution, the board of trustees
42 of the higher education institution.
43 (5) "Higher education institution" means the institutions specified in Section
44 53B-1-102 .
45 (6) "Institution" means:
46 (a) a person, other than an individual, organized and operated exclusively for charitable
48 (b) a government or a governmental subdivision, agency, or instrumentality to the
49 extent that it holds funds exclusively for a charitable purpose; and
50 (c) a trust that had both charitable and noncharitable interests, after all noncharitable
51 interests have terminated.
52 (7) (a) "Institutional fund" means a fund held by an institution exclusively for
53 charitable purposes.
54 (b) "Institutional fund" does not include:
55 (i) program-related assets;
56 (ii) a fund held for an institution by a trustee that is not an institution;
57 (iii) a fund in which a beneficiary that is not an institution has an interest, other than an
58 interest that could arise upon violation or failure of the purposes of the fund; or
59 (iv) operating funds.
60 (8) "Manager" means either:
61 (a) the state treasurer; or
62 (b) a higher education institution that accepts the responsibility for the management of
64 (9) "Operating funds" means monies used for the general operation of a higher
65 education institution that are received by the higher education institution from:
66 (a) state appropriations;
67 (b) government contracts;
68 (c) government grants; or
69 (d) tuition and fees collected from students.
70 (10) "Person" means an individual, corporation, business trust, estate, trust,
71 partnership, limited liability company, association, joint venture, public corporation,
72 government or governmental subdivision, agency, instrumentality, or any other legal or
73 commercial entity.
74 (11) "Program-related asset" means an asset held by an institution primarily to
75 accomplish a charitable purpose of the institution and not primarily for appreciation or the
76 production of income.
77 (12) "Record" means information that is inscribed on a tangible medium or that is
78 stored in an electronic or other medium and is retrievable in perceivable form.
Legislative Review Note
as of 1-28-09 10:12 AM