(1) (a) A professional fundraiser shall segregate and maintain all contributed funds in an account held separately from the professional fundraiser's operating account. (b) A professional fundraiser shall deposit each contribution in the control or custody of the professional fundraiser into an account at a bank or other federally insured financial institution that is in the name of the charitable organization no later than 10 days after the day on which the professional fundraiser receives the contribution. (c) The charitable organization shall: (i) maintain and administer the account described in Subsection (1)(b); and (ii) have sole control of all withdrawals. (2) A professional fundraiser shall: (a) maintain a record of each contribution of money, securities, or cash equivalent sufficient to allow the charitable organization or professional fundraiser to provide a receipt to the contributor upon request or as required by law; and (b) provide a contributor a receipt for each contribution upon request or as required by law. (3) A professional fundraiser shall develop and maintain adequate internal controls for receipt, management, and disbursement of money that are reasonable in light of the charitable organization's or professional fundraiser's assets and organizational complexity. Renumbered and Amended by Chapter 95, 2026 General Session
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