2006 Utah Code - 13-29-3 — Appropriation of appreciation.

     13-29-3.   Appropriation of appreciation.
     (1) The governing board may appropriate for expenditure for the uses and purposes for which an endowment fund is established as much of the net appreciation, realized and unrealized, in the fair value of the assets of an endowment fund over the historic dollar value of the fund as is prudent under the standard established by Section 13-29-7.
     (2) Unless affirmatively appropriated by the governing board, the net appreciation, realized and unrealized, in the fair value of the assets of an endowment fund over the historic dollar value of the fund may not be used or available for use for operating expenses. Net appreciation from funds not otherwise donor restricted shall be considered restricted by operation of this chapter.
     (3) This section does not limit the authority of the governing board to expend funds as permitted under other law, the terms of the applicable gift instrument, or the charter of the institution.

Enacted by Chapter 242, 1997 General Session