Terms Used In Utah Code > Title 51 > Chapter 8 > Part 3 - Management of Endowment Funds

• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Donor: The person who makes a gift.
• 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
• 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
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• 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