(1)  Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund.

Terms Used In Utah Code 51-8-201

  • Donor: The person who makes a gift.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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
  • 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
    • (2)  In addition to complying with the duty of loyalty imposed by law other than this chapter, each person responsible for managing and investing an institutional fund shall manage and invest the fund in good faith and with the care an ordinarily prudent person in a like position would exercise under similar circumstances.

    Enacted by Chapter 59, 2007 General Session

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