(1)  A higher education institution may only transfer the management of any institutional fund to a manager if the transferring higher education institution:

Terms Used In Utah Code 51-8-302

(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
  • 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:
    (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. See Utah Code 51-8-102
    (a)  retains sufficient funds to cover its cash requirements; and

    (b)  continues to be responsible for the proper collection, deposit, and disbursement of the institutional fund in the manner provided by law.

    • (2)  The institutional funds transferred as provided in this section are subject to all applicable provisions of this chapter and are under the jurisdiction of the manager until the transferring higher education institution withdraws these institutional funds from the manager.

    (3)  A higher education institution may withdraw all or any part of the institutional funds transferred to the manager, subject to any rules established by the manager governing notice or limits on the amount of institutional funds that may be withdrawn.

    Enacted by Chapter 59, 2007 General Session

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