Utah Statutes
§ 51-8-302 — Transferring management of endowment funds.
Utah·Title 51 Public Funds and Accounts·Ch. 51-8 Uniform Prudent Management of Institutional Funds Act·Part 51-8-3 Management of Endowment Funds
(1)A higher education institution may only transfer the management of any institutional fund to a manager if the transferring higher education institution:
(1)(a) retains sufficient funds to cover its cash requirements; and
(1)(b) continues to be responsible for the proper collection, deposit, and disbursement of the institutional fund in the manner provided by law.
(2)The institutional funds transferred as provided in this section are subject to all applicable provisions of this chapter and are under the jurisdiction of the manager until the transferring higher education institution withdraws these institutional funds from the manager.
(3)A higher education institution may withdraw all or any part of the institutional funds transferred to the manager, subject to any rules established
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Legislative History
Enacted by Chapter 59, 2007 General Session
Nearby Sections
15
§ 51-10-101
Title.§ 51-10-102
Definitions.§ 51-10-201
Fund created.§ 51-10-203
Office of Trust Administrator.§ 51-10-204
Trust administrator duties.§ 51-10-205
Expenditures from the fund.§ 51-10-206
Diné Advisory Committee.§ 51-12-101
Definitions.§ 51-12-102
Reporting.§ 51-12-201
Investment opportunities.§ 51-12-202
Terms of deposit.§ 51-12-203
Penalty.§ 51-13-101
Definitions.