Utah Code 51-8-304. Rebuttable presumption of imprudence — Scope
Current as of: 2023 | Check for updates
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(1) | The appropriation for expenditure in any year of an amount greater than seven percent of the fair market value of an endowment fund, calculated on the basis of market values determined at least quarterly and averaged over a period of not less than three years immediately preceding the year in which the appropriation for expenditure was made, creates a rebuttable presumption of imprudence. |
(2) | For an endowment fund in existence for fewer than three years, the fair market value of the endowment fund shall be calculated for the period of time the endowment fund has been in existence. |
Enacted by Chapter 59, 2007 General Session