Establishment of public education foundations -- Powers and duties -- Tax exempt status

(1) The state board, a local school board, or the Utah Schools for the Deaf and the Blind may establish foundations to: (a) assist in the development and implementation of programs to promote educational excellence; and (b) assist in the accomplishment of other education-related objectives. (2) A foundation established under Subsection (1): (a) may solicit and receive contributions from private enterprises for the purpose of this section; (b) shall comply with Title 51, Chapter 7, State Money Management Act, and rules made under the act; (c) has no power or authority to incur contractual obligations or liabilities that constitute a claim against public funds except as provided in this section; (d) may not exercise executive, administrative, or rulemaking authority over the programs described in this section, except to the extent specifically authorized by the responsible school board; (e) is exempt from all taxes levied by the state or any of its political subdivisions with respect to activities conducted under this section; (f) may participate in the Risk Management Fund under Section 63A-4-204; (g) shall provide a school with information detailing transactions and balances of funds managed for that school; (h) shall, for foundation accounts from which money is distributed to schools, provide all the schools within a school district information that: (i) details account transactions; and (ii) shows available balances in the accounts; and (i) may not: (i) engage in lobbying activities; (ii) attempt to influence legislation; or (iii) participate in any campaign activity for or against: (A) a political candidate; or (B) an initiative, referendum, proposed constitutional amendment, bond, or any other ballot proposition submitted to the voters. (3) A local school board that establishes a foundation under Subsection (1) shall: (a) require the foundation to: (i) use the school district's accounting system; or (ii) follow written accounting policies established by the local school board; (b) review and approve the foundation's accounting, purchasing, and check issuance policies to ensure that there is an adequate separation of responsibilities; and (c) approve procedures to verify that issued foundation payments have been properly approved.