(1) Any Utah nonprofit arts organization may create an endowment fund into which there may be deposited money from the state fund. The principal of each endowment fund may not be expended by the qualifying organization and shall be held in perpetuity solely by the qualifying organization or by the council on behalf of the qualifying organization. Only interest income earned on the amount in each endowment fund may be expended by the qualifying organization. The principal of each endowment fund shall be invested in accordance with Title 51, Chapter 7, State Money Management Act.
(2) If a qualifying organization receives $50,000 or more from the state fund, the money shall be administered in accordance with generally accepted accounting principles by the qualifying organization's professional management. Amounts less than $50,000 shall be placed in a state trust and agency fund invested by the state treasurer, who shall allocate interest income to the qualifying organization.
(3) If an endowment fund is invested by the state treasurer the costs for this administration shall be deducted from the interest income before allocations of interest income may be made to the qualifying organization.
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