Terms Used In Utah Code > Title 51 > Chapter 8 - Uniform Prudent Management of Institutional Funds Act

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Ballot: means the storage medium, including a paper, mechanical, or electronic storage medium, that records an individual voter's vote. See Utah Code 20A-1-102
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Charitable purpose: means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of governmental purposes, and any other purpose the achievement of which is beneficial to the community. See Utah Code 51-8-102
• Convention: means the political party convention at which party officers and delegates are selected. See Utah Code 20A-1-102
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Donor: The person who makes a gift.
• Election: means a regular general election, a municipal general election, a statewide special election, a local special election, a regular primary election, a municipal primary election, and a special district election. See Utah Code 20A-1-102
• Election officer: means :
       (23)(a) the lieutenant governor, for all statewide ballots and elections;
       (23)(b) the county clerk for:

            (23)(b)(i) a county ballot and election; and

            (23)(b)(ii) a ballot and election as a provider election officer as provided in Section Utah Code 20A-1-102
• Endowment fund: means an institutional fund, or any part of an institutional fund, not wholly expendable by the institution on a current basis under the terms of a gift instrument. See Utah Code 51-8-102
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Gift instrument: means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund. See Utah Code 51-8-102
• Higher education institution: means the institutions specified in Section 53B-1-102. See Utah Code 51-8-102
• Institution: means :
       (6)(a) a person, other than an individual, organized and operated exclusively for charitable purposes;
       (6)(b) a government or a governmental subdivision, agency, or instrumentality to the extent that it holds funds exclusively for a charitable purpose; and
       (6)(c) a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated. See Utah Code 51-8-102
• Institutional fund: means a fund held by an institution exclusively for charitable purposes. See Utah Code 51-8-102
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Manager: means either:
       (8)(a) the state treasurer; or
       (8)(b) a higher education institution that accepts the responsibility for the management of institutional funds of a different higher education institution. See Utah Code 51-8-102
• Municipal general election: means the election held in municipalities and, as applicable, special districts on the first Tuesday after the first Monday in November of each odd-numbered year for the purposes established in Section 20A-1-202. See Utah Code 20A-1-102
• Operating funds: means money used for the general operation of a higher education institution that is received by the higher education institution from:
       (9)(a) state appropriations;
       (9)(b) government contracts;
       (9)(c) government grants; or
       (9)(d) tuition and fees collected from students. See Utah Code 51-8-102
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, instrumentality, or any other legal or commercial entity. See Utah Code 51-8-102
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Political party: means an organization of registered voters that has qualified to participate in an election by meeting the requirements of Chapter 8, Political Party Formation and Procedures. See Utah Code 20A-1-102
• Position: means a square, circle, rectangle, or other geometric shape on a ballot in which the voter marks the voter's choice. See Utah Code 20A-1-102
• Presidential Primary Election: means the election established in Chapter 9, Part 8, Presidential Primary Election. See Utah Code 20A-1-102
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• qualified: means to take the oath of office and begin performing the duties of the position for which the individual was elected. See Utah Code 20A-1-102
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 51-8-102
• Regular general election: means the election held throughout the state on the first Tuesday after the first Monday in November of each even-numbered year for the purposes established in Section 20A-1-201. See Utah Code 20A-1-102
• Regular primary election: means the election, held on the date specified in Section Utah Code 20A-1-102
• Special election: means an election held as authorized by Section 20A-1-203. See Utah Code 20A-1-102
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• Trustee: A person or institution holding and administering property in trust.
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Vacancy: means :
       (75)(a) except as provided in Subsection (75)(b), the absence of an individual to serve in a position created by state constitution or state statute, whether that absence occurs because of death, disability, disqualification, resignation, or other cause ; or
       (75)(b) in relation to a candidate for a position created by state constitution or state statute, the removal of a candidate due to the candidate's death, resignation, or disqualification. See Utah Code 20A-1-102