53H-3-802. Formation of non-profit corporations or foundations.
(1) An institution of higher education described in Section 53H-1-102 may form a non-profit corporation or foundation to aid or assist the institution of higher education, within the institution of higher education's mission and role described in Section 53H-3-602, in meeting the institution of higher education's charitable, scientific, literary, research, educational, or other objectives.
(2) The board and the president of the institution of higher education control a nonprofit corporation or foundation described in Subsection (1).
(3) A nonprofit corporation or foundation described in Subsection (1) may receive and administer:
(a) legislative appropriations;
(b) government grants;
(c) private contracts; or
(d) private gifts.