9-6-503 - Arts organization endowment funds.
9-6-503. Arts organization endowment funds.
(1) Any Utah nonprofit arts organization may create an endowment fund into which theremay be deposited moneys from the state fund. The principal of each endowment fund may not beexpended by the qualifying organization and shall be held in perpetuity solely by the qualifyingorganization or by the council on behalf of the qualifying organization. Only interest incomeearned 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, thesemoneys shall be administered in accordance with generally accepted accounting principles by thequalifying organization's professional management. Amounts less than $50,000 shall be placed ina state trust and agency fund invested by the state treasurer, who shall allocate interest income tothe qualifying organization.
(3) If an endowment fund is invested by the state treasurer the costs for thisadministration shall be deducted from the interest income before allocations of interest incomemay be made to the qualifying organization.
Renumbered and Amended by Chapter 241, 1992 General Session