53D-1-203. Funding of office operations.

272 words·~1 min read·/ut/title-53d/chapter-1/53d-1-203

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/14/2019

(1)As used in this section, "trust fund earnings" includes any of the following that is in excess of the trust fund corpus:

(a)realized or unrealized gains;

(b)interest;

(c)dividends;

(d)other income; or

(e)other sources of revenue.

(2)There is created an enterprise fund known as the School and Institutional Trust Fund Management Account.

(3)The account is funded by money deposited into the account as provided in Subsection

(4).

(4)Except as provided in Subsection (5)(b) , the director shall deposit into the account an amount of money from the trust fund earnings equal to the annual appropriation that the Legislature makes to the office, to pay for the office's operating costs.

(a)The office may use money in the account to pay for the office's operating costs.

(b)If the amount of money deposited into the account under Subsection

(4)in any fiscal year exceeds the amount required by the office during that fiscal year to fund the office's operations, the office shall, in the following fiscal year, reduce the amount deposited into the account under Subsection

(4)by the amount of the unspent appropriation.

(a)The office may deduct from trust fund earnings:

(i)the cost for any audit, risk management, consulting, equipment, legal services, software, research, or custodial services; or

(ii)manager fees incurred in managing the trust fund assets.

(b)The costs and fees described in Subsection (6)(a) are separate from and in addition to the office's operating costs that are paid from the account.

Amended by Chapter 191 , 2019 General Session