Utah § 9-6-503 Arts and museums endowment funds.

Utah Statutes

§ 9-6-503 — Arts and museums endowment funds.

Utah § 9-6-503

Title 9Cultural and Community Engagement

Ch. 9-6Arts and Museums Development

Part 9-6-5State Arts Endowment

This text of Utah § 9-6-503 (Arts and museums endowment funds.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 9-6-503 (2026).

Text

(1)Any Utah nonprofit arts or museum organization that meets the requirements described in this part may create an endowment fund into which there may be deposited money from the state fund.

(2)The principal of each endowment fund described in this section may not be expended by the qualifying organization and shall be held in perpetuity solely by the qualifying organization.

(3)Interest income earned on the amount in each endowment fund described in this section may be expended by the qualifying organization.

(4)The principal of each endowment fund described in this section shall be invested in accordance with Title 51, Chapter 7, State Money Management Act.

(5)If a qualifying organization that creates an endowment fund as described in this section receives:

(5)(a) $50,000 or more f

Free access — add to your briefcase to read the full text and ask questions with AI

(1) Any Utah nonprofit arts or museum organization that meets the requirements described in this part may create an endowment fund into which there may be deposited money from the state fund.
(2) The principal of each endowment fund described in this section may not be expended by the qualifying organization and shall be held in perpetuity solely by the qualifying organization.
(3) Interest income earned on the amount in each endowment fund described in this section may be expended by the qualifying organization.
(4) The principal of each endowment fund described in this section shall be invested in accordance with Title 51, Chapter 7, State Money Management Act.
(5) If a qualifying organization that creates an endowment fund as described in this section receives:

(5)(a) $50,000 or more from the state fund, the money shall be administered by the qualifying organization's professional management in accordance with generally accepted accounting principles; or
(5)(b) less than $50,000 from the state fund, the money shall be placed in a state fiduciary fund under the direction of the state treasurer, and the state treasurer shall allocate interest income to the qualifying organization.
(6) If an endowment fund is under the direction of the state treasurer, the state treasurer shall deduct administrative costs related to the endowment fund before allocating any interest income to the qualifying organization.