53E-3-403. Establishment of public education foundations -- Powers and duties -- Tax exempt status.
(1) The state board, a local school board, or the Utah Schools for the Deaf and the Blind may establish foundations to: assist in the development and implementation of programs to promote educational excellence; and assist in the accomplishment of other education-related objectives.
(2) A foundation established under Subsection: (1) may solicit and receive contributions from private enterprises for the purpose of this section; shall comply with, and rules made under the act; Title 51, Chapter 7, State Money Management Act has no power or authority to incur contractual obligations or liabilities that constitute a claim against public funds except as provided in this section; may not exercise executive, administrative, or rulemaking authority over the programs described in this section, except to the extent specifically authorized by the responsible school board; is exempt from all taxes levied by the state or any of its political subdivisions with respect to activities conducted under this section; may participate in the Risk Management Fund under Section; 63A-4-204 shall provide a school with information detailing transactions and balances of funds managed for that school; shall, for foundation accounts from which money is distributed to schools, provide all the schools within a school district information that: details account transactions; and shows available balances in the accounts; and may not: engage in lobbying activities; attempt to influence legislation; or participate in any campaign activity for or against: a political candidate; or an initiative, referendum, proposed constitutional amendment, bond, or any other ballot proposition submitted to the voters.
(3) A local school board that establishes a foundation under Subsectionshall: (1) require the foundation to: use the school district's accounting system; or follow written accounting policies established by the local school board; review and approve the foundation's accounting, purchasing, and check issuance policies to ensure that there is an adequate separation of responsibilities; and approve procedures to verify that issued foundation payments have been properly approved.