As used in this chapter:

(1)  “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.

Terms Used In Utah Code 51-8-102

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • 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.
  • 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
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Higher education institution: means the institutions specified in Section 53B-1-102. See Utah Code 51-8-102
  • Institution: means :
(a) a person, other than an individual, organized and operated exclusively for charitable purposes;
(b) a government or a governmental subdivision, agency, or instrumentality to the extent that it holds funds exclusively for a charitable purpose; and
(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
  • 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
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • 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
  • 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.
    • (2) 

    (a)  “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.

    (b)  “Endowment fund” does not include assets of an institution designated by the institution as an endowment fund for its own use.

    (3)  “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.

    (4) 

    (a)  “Governing board” means the body responsible for the management of an institution or of an institutional fund.

    (b)  “Governing board” means, for a higher education institution, the board of trustees of the higher education institution.

    (5)  “Higher education institution” means the institutions specified in Section 53B-1-102.

    (6)  “Institution” means:

    (a)  a person, other than an individual, organized and operated exclusively for charitable purposes;

    (b)  a government or a governmental subdivision, agency, or instrumentality to the extent that it holds funds exclusively for a charitable purpose; and

    (c)  a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.

    (7) 

    (a)  “Institutional fund” means a fund held by an institution exclusively for charitable purposes.

    (b)  “Institutional fund” does not include:

    (i)  program-related assets;

    (ii)  a fund held for an institution by a trustee that is not an institution;

    (iii)  a fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund; or

    (iv)  operating funds.

    (8)  “Manager” means either:

    (a)  the state treasurer; or

    (b)  a higher education institution that accepts the responsibility for the management of institutional funds of a different higher education institution.

    (9)  “Operating funds” means money used for the general operation of a higher education institution that is received by the higher education institution from:

    (a)  state appropriations;

    (b)  government contracts;

    (c)  government grants; or

    (d)  tuition and fees collected from students.

    (10)  “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.

    (11)  “Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for appreciation or the production of income.

    (12)  “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.

    Amended by Chapter 342, 2011 General Session

      Previous section
    Next section  
     Part 1 Contents