Utah Code 53D-1-201. School and Institutional Trust Fund Office — Status

53D-1-201. School and Institutional Trust Fund Office — Status — Duties.

(1)	There is created within state government the School and Institutional Trust Fund Office.

Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Office: means the School and Institutional Trust Fund Office, created in Section 53D-1-201. See Utah Code 53D-1-102
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
Trust fund: means money derived from:

(a)	the sale or use of land granted to the state under Sections 6, 8, and 12 of the enabling act;

(b)	proceeds referred to in Section 9 of the enabling act from the sale of public land; and

(c)	revenue and assets referred to in Utah Constitution, Article X, Section 5, Subsections Utah Code 53D-1-102
(2)	The office is an independent state agency within the executive branch and is not a division of any other executive branch department.

(3)	The office shall manage the trust fund.

(4)	No later than September 1 of each year, the office shall provide to the Division of Finance financial information for the prior fiscal year that the Division of Finance requests for financial reporting purposes.

Enacted by Chapter 426, 2014 General Session

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