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Utah Code Title 9. Cultural and Community Engagement § 9-6-507. Spending restrictions--Return of endowment

Current as of January 01, 2024 | Updated by FindLaw Staff

(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.

(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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Cite this article: FindLaw.com - Utah Code Title 9. Cultural and Community Engagement § 9-6-507. Spending restrictions--Return of endowment - last updated January 01, 2024 | https://codes.findlaw.com/ut/title-9-cultural-and-community-engagement/ut-code-sect-9-6-507.html

Read this complete Utah Code Title 9. Cultural and Community Engagement § 9-6-507. Spending restrictions--Return of endowment on Westlaw. Westlaw subscription required.

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