Utah Code § 9-6-507
This is the official text of Utah Code § 9-6-507, part of Utah’s Code — part of the compiled statutory law of Utah, published by the state as "Code." Browse the sections below, each linked to its official government source.
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§ 9-6-507. Spending restrictions -- Return of endowment.
Official statutory text
(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.
Status: in_force · Read it on the official government site
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