Utah Code 53B-2-112. Formation of non-profit corporations or foundations
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(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.
Terms Used In Utah Code 53B-2-112
- Board: means the Utah Board of Higher Education described in Section 53B-1-402. See Utah Code 53B-1-101.5
- 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.
(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:
(3)(a) legislative appropriations;
(3)(b) government grants;
(3)(c) private contracts; or
(3)(d) private gifts.