Utah Admin. Code R455-3-4 - Donations
1. The society is
authorized to receive gifts, grants, donations, bequests devises and endowments
of money or property. These monies shall be used in accordance with directions
provided by the donor and shall be kept in a separate line account as
nonlapsing funds of the society together with earned interest.
2. If the donor makes no indication of the
direction or use of the gifts, bequests, donations, devices, and endowments,
these funds and interest on these funds shall be retained in a separate line
account of the society as nonlapsing funds. Disbursement shall be made by the
director in accordance with policy established by the board or in consultation
with the board.
3. The board may
review, or establish a policy of review and is authorized to receive, any gift,
grant, donation, bequest, devise or endowment of money or property but need
not.
Notes
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