Section 501 – Process to release or modify restrictions on management, investment, or purpose.
51-8-501. Process to release or modify restrictions on management, investment, or purpose. (1) (a) 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 of an institutional fund. (b) A release or modification may […]
Section 601 – Reviewing compliance.
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. Enacted by Chapter 59, 2007 General Session
Section 602 – Application to existing institutional funds.
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 after that date. Enacted by Chapter 59, 2007 General Session
Section 603 – Relation to Electronic Signatures in Global and National Commerce Act.
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 that act, 15 U.S.C. Section 7001(a), or authorize electronic delivery of any of […]
Section 604 – Uniformity of application and construction.
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. Enacted by Chapter 59, 2007 General Session
Section 201 – General standard of care.
51-8-201. General standard of care. (1) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund. (2) In addition to complying with the duty of loyalty imposed by law […]
Section 202 – Standards for managing and investing an institutional fund.
51-8-202. Standards for managing and investing an institutional fund. (1) In managing and investing an institutional fund, an institution: (a) may incur only costs that are appropriate and reasonable in relation to the assets, the purposes of the institution, and the skills available to the institution; and (b) shall make a reasonable effort to verify […]
Section 301 – Appropriation for expenditure or accumulation of endowment fund.
Effective 5/12/2015 51-8-301. Appropriation for expenditure or accumulation of endowment fund. (1) (a) Subject to the intent of a donor expressed in a gift instrument and to Subsection (3), an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines to be prudent for the uses, benefits, purposes, […]
Section 302 – Transferring management of endowment funds.
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: (a) retains sufficient funds to cover its cash requirements; and (b) continues to be responsible for the proper collection, deposit, and disbursement of the institutional fund […]
Section 303 – Requirements of member institutions of the state system of higher education.
Effective 7/1/2020 51-8-303. Requirements of member institutions of the state system of higher education. (1) The Utah Board of Higher Education shall: (a) establish asset allocations for the institutional funds; (b) in consultation with the commissioner of higher education, establish guidelines for investing the funds; and (c) establish a written policy governing conflicts of interest. […]