Utah Code 9-8-707. Spending restrictions — Return of endowment
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(1) A qualifying organization that has received endowment money from funds made available for that purpose:
Terms Used In Utah Code 9-8-707
- Endowment fund: means any history endowment fund created under this part by a qualifying organization. See Utah Code 9-8-701
- Qualifying organization: means any Utah nonprofit history organization or local government that qualifies under this chapter to create an endowment fund, receive state money into the endowment fund, match state money deposited into the endowment fund, and expend interest earned on the endowment fund. See Utah Code 9-8-701
- Society: means the Utah Historical Society created in Section 9-8-201. See Utah Code 9-8-102
(1)(a) may not expend the money or the required matching money in the endowment fund; and
(1)(b) may expend the interest income earned on the money in the endowment fund.
(2) If a qualifying organization expends money in violation of Subsection (1), the qualifying organization shall return the amount of money allocated by the society under this part to the Division of Finance.