Title 51, Title 51: Public Funds and Accounts

51-8-301. Appropriation for expenditure or accumulation of endowment fund. (1) Subject to the intent of a donor expressed in a gift instrument and to Subsection, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determine…

51-8-302. Transferring 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: retains sufficient funds to cover its cash requirements; and continue…

51-8-303. Requirements of member institutions of the state system of higher education. (1) The Utah Board of Higher Education shall: establish asset allocations for the institutional funds; in consultation with the commissioner of higher education, establish guidelines for invest…

51-8-304. Rebuttable presumption of imprudence -- Scope. (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 ov…

51-8-401. Delegating management and investment functions. (1) Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent…

51-8-501. Process to release or modify restrictions on management, investment, or purpose. (1) With the donor's consent in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose o…

51-8-601. Reviewing compliance. Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.

51-8-602. Application to existing institutional funds. (1) This chapter applies to institutional funds existing on or established after April 30, 2007. (2) As applied to institutional funds existing on April 30, 2007, this chapter governs only decisions made or actions taken afte…

51-8-603. Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101 of th…

51-8-604. Uniformity of application and construction. In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.