Utah Code 53G-5-403. Charter school assets
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Terms Used In Utah Code 53G-5-403
- Asset: means property of all kinds, real and personal, tangible and intangible, and includes:(1)(a) cash;(1)(b) stock or other investments;(1)(c) real property;(1)(d) equipment and supplies;(1)(e) an ownership interest;(1)(f) a license;(1)(g) a cause of action; and(1)(h) any similar property. See Utah Code 53G-5-102
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- authorizer: means an entity listed in Section
53G-5-205 that authorizes a charter school. See Utah Code 53G-5-102- Bequest: Property gifted by will.
- Devise: To gift property by will.
- 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.
- Grantor: The person who establishes a trust and places property into it.
- Person: means :
(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5- 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
- Writing: includes :
(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5(1)(a) A charter school may receive, hold, manage, and use any devise, bequest, grant, endowment, gift, or donation of any asset made to the school for any of the purposes of this chapter and other related provisions.(1)(b) Unless a donor or grantor specifically provides otherwise in writing, all assets described in Subsection (1)(a) shall be presumed to be made to the charter school and shall be included in the charter school’s assets.(2) It is unlawful for any person affiliated with a charter school to demand or request any gift, donation, or contribution from a parent, teacher, employee, or other person affiliated with the charter school as a condition for employment or enrollment at the school or continued attendance at the school.(3) All assets purchased with charter school funds shall be included in the charter school’s assets.(4) A charter school may not dispose of its assets in violation of the provisions of this chapter or other related provisions, state board rules, policies of its charter school authorizer, or its charter agreement, including the provisions governing the closure of a charter school under Section 53G-5-504.