Section 112 – Formation of non-profit corporations or foundations.

• (1) An institution of higher education described in Section 53B-2-101 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 53B-16-101, 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.

Enacted by Chapter 187, 2021 General Session