9-6-507. Spending restrictions — Return of endowment.
| (1) |
If a qualifying organization has received endowment money from the state fund, the qualifying organization may not expend any of that money or the required matching money in the qualifying organization’s endowment fund, but may expend only the interest income earned on the money in the endowment fund. |
Terms Used In Utah Code 9-6-507
- Division: means the Division of Arts and Museums. See Utah Code 9-6-102
- Endowment fund: means any endowment fund created under this chapter by a qualifying organization. See Utah Code 9-6-501
- Qualifying organization: means any Utah nonprofit arts or museum organization that qualifies under this chapter to create an endowment fund, receive state money into the endowment fund, match state money deposited into the endowment fund, and expend interest earned on the endowment fund. See Utah Code 9-6-501
- 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
- State fund: means the Utah Arts and Museums Endowment Fund created in Section 9-6-502. See Utah Code 9-6-501
| (2) |
If the division determines that a qualifying organization has expended any amount of the endowment money received from the state fund or any amount of the required matching money:
| (a) |
the qualifying organization shall return the amount of money the qualifying organization received from the state fund; and |
| (b) |
the division shall reallocate any such returned money to qualifying organizations in the manner as provided in Section 9-6-506. |
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Amended by Chapter 419, 2020 General Session
