Terms Used In Utah Code > Title 51 > Chapter 8 - Uniform Prudent Management of Institutional Funds Act

• 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.
• Ballot: means the storage medium, including a paper, mechanical, or electronic storage medium, that records an individual voter's vote. See Utah Code 20A-1-102
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Canvass: means the review of election returns and the official declaration of election results by the board of canvassers. See Utah Code 20A-1-102
• Charitable purpose: means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of governmental purposes, and any other purpose the achievement of which is beneficial to the community. See Utah Code 51-8-102
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Donor: The person who makes a gift.
• Election: means a regular general election, a municipal general election, a statewide special election, a local special election, a regular primary election, a municipal primary election, and a special district election. See Utah Code 20A-1-102
• Election officer: means :

  (a)	the lieutenant governor, for all statewide ballots and elections;

  (b)

  the county clerk for: (i)  a county ballot and election; and (ii)  a ballot and election as a provider election officer as provided in Section 20A-5-400. See Utah Code 20A-1-102 Electronic signature: means an electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record. See Utah Code 20A-1-102 Endowment fund: means an institutional fund, or any part of an institutional fund, not wholly expendable by the institution on a current basis under the terms of a gift instrument. See Utah Code 51-8-102 Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Gift instrument: means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund. See Utah Code 51-8-102 Higher education institution: means the institutions specified in Section 53B-1-102. See Utah Code 51-8-102 Institution: means : (a)  a person, other than an individual, organized and operated exclusively for charitable purposes; (b)  a government or a governmental subdivision, agency, or instrumentality to the extent that it holds funds exclusively for a charitable purpose; and (c)  a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated. See Utah Code 51-8-102 Institutional fund: means a fund held by an institution exclusively for charitable purposes. See Utah Code 51-8-102 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Local election: means a regular county election, a regular municipal election, a municipal primary election, a local special election, a special district election, and a bond election. See Utah Code 20A-1-102 Manager: means either: (a)  the state treasurer; or (b)  a higher education institution that accepts the responsibility for the management of institutional funds of a different higher education institution. See Utah Code 51-8-102 Municipal legislative body: means : (a)  the council of the city or town in any form of municipal government; or (b)  the council of a metro township. See Utah Code 20A-1-102 Municipality: means a city, town, or metro township. See Utah Code 20A-1-102 Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, instrumentality, or any other legal or commercial entity. See Utah Code 51-8-102 Person: means :Utah Code 68-3-12.5 Political party: means an organization of registered voters that has qualified to participate in an election by meeting the requirements of Chapter 8, Political Party Formation and Procedures. See Utah Code 20A-1-102 Position: means a square, circle, rectangle, or other geometric shape on a ballot in which the voter marks the voter's choice. See Utah Code 20A-1-102 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Property: includes both real and personal property. See Utah Code 68-3-12.5 qualified: means to take the oath of office and begin performing the duties of the position for which the individual was elected. See Utah Code 20A-1-102 Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 51-8-102 Special district: means a local government entity under Title 17B, Limited Purpose Local Government Entities - Special Districts, and includes a special service district under Title 17D, Chapter 1, Special Service District Act. See Utah Code 20A-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 Trustee: A person or institution holding and administering property in trust. Voter: means an individual who: (a)  meets the requirements for voting in an election; (b)  meets the requirements of election registration; (c)  is registered to vote; and (d)  is listed in the official register book. See Utah Code 20A-1-102