§ 53D-1-203. Funding of office operations. (Effective 7/1/2014)

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

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

(3) The director shall deposit into the account an amount of money from the earnings from trust fund assets equal to the annual appropriation that the Legislature makes to the office, to pay for the office's operating costs.

(4)

(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 (3) in any year exceeds the amount required by the office during that year to fund its operations, the office shall distribute that excess money proportionately to the various funds established for the beneficiaries of land grants under the enabling act, based on the balances of those funds as of June 30.

(5)

(a) Before distributing earnings from trust fund assets, the office may deduct any audit, risk management, consulting, equipment, legal, and custodial costs and management fees incurred in managing the trust fund assets.

(b) The costs and fees described in Subsection (5)(a) are separate from and in addition to the office's operating costs that are paid from the account.

Enacted by Chapter 426, 2014 General Session