Utah Statutes
§ 51-8-304 — Rebuttable presumption of imprudence -- Scope.
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)The appropriation for expenditure in any year of an amount greater than seven percent of the fair market value of an endowment fund, calculated on the basis of market values determined at least quarterly and averaged over a period of not less than three years immediately preceding the year in which the appropriation for expenditure was made, creates a rebuttable presumption of imprudence.
(2)For an endowment fund in existence for fewer than three years, the fair market value of the endowment fund shall be calculated for the period of time the endowment fund has been in existence.
(3)This section does not:
(3)(a) apply to an appropriation for expenditure permitted under law other than this chapter or the gift instrument; or
(3)(b) create a presumption of prudence for an appropriation
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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.