Utah Code 9-22-105. STEM Action Center Foundation Fund
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(1) There is created an expendable special revenue fund known as the “STEM Action Center Foundation Fund.”
Terms Used In Utah Code 9-22-105
- Director: means the director appointed by the STEM board to oversee the administration of the STEM Action Center. See Utah Code 9-22-102
- Foundation: means a foundation established as described in Subsections 9-22-104(3) and (4). See Utah Code 9-22-102
- Fund: means the STEM Action Center Foundation Fund created in Section 9-22-105. See Utah Code 9-22-102
- 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
- STEM: means science, technology, engineering, and mathematics. See Utah Code 9-22-102
- STEM Action Center: means the center described in Section 9-22-106. See Utah Code 9-22-102
- STEM board: means the STEM Action Center Board created in Section 9-22-103. See Utah Code 9-22-102
(2) The director shall administer the fund under the direction of the STEM board.
(3) Money may be deposited into the fund from a variety of sources, including transfers, grants, private foundations, individual donors, gifts, bequests, legislative appropriations, and money made available from any other source.
(4) Money collected by a foundation described in Subsections 9-22-104(3) and (4) shall be deposited into the fund.
(5) Any portion of the fund may be treated as an endowment fund such that the principal of that portion of the fund is held in perpetuity on behalf of the STEM Action Center.
(6) The state treasurer shall invest the money in the fund according to the procedures and requirements of Title 51, Chapter 7, State Money Management Act, except that all interest or other earnings derived from those investments shall be deposited into the fund.
(7) The director, under the direction of the STEM board, may expend money from the fund for the purposes described in this part.