| (1) |
As used in this section, “trust fund earnings” includes any of the following that is in excess of the trust fund corpus:
Terms Used In Utah Code 53D-1-203- Account: means the School and Institutional Trust Fund Management Account, created in Section 53D-1-203. See Utah Code 53D-1-102
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Director: means the director of the office. See Utah Code 53D-1-102
- 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
- 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 |
| (a) |
realized or unrealized gains; |
| (e) |
other sources of revenue. |
| (2) |
There is created an enterprise fund known as the School and Institutional Trust Fund Management Account. |
| (3) |
The account is funded by money deposited into the account as provided in Subsection (4). |
| (4) |
Except as provided in Subsection (5)(b), the director shall deposit into the account an amount of money from the trust fund earnings equal to the annual appropriation that the Legislature makes to the office, to pay for the office’s operating costs. |
| (5) |
| (a) |
The office may use money in the account to pay for the office’s operating costs. |
| (b) |
If the amount of money deposited into the account under Subsection (4) in any fiscal year exceeds the amount required by the office during that fiscal year to fund the office’s operations, the office shall, in the following fiscal year, reduce the amount deposited into the account under Subsection (4) by the amount of the unspent appropriation. |
|
| (6) |
| (a) |
The office may deduct from trust fund earnings:
| (i) |
the cost for any audit, risk management, consulting, equipment, legal services, software, research, or custodial services; or |
| (ii) |
manager fees incurred in managing the trust fund assets. |
|
| (b) |
The costs and fees described in Subsection (6)(a) are separate from and in addition to the office’s operating costs that are paid from the account. |
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Amended by Chapter 191, 2019 General Session
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