Utah Code § 16-6a-116: Private foundations.

Except when otherwise determined by a court of competent jurisdiction, a nonprofit corporation that is a private foundation as defined in Section 509(a), Internal Revenue Code:

(1) shall make distributions for each taxable year at the time and in the manner as not to subject the nonprofit corporation to tax under Section 4942, Internal Revenue Code;

(2) may not engage in any act of self-dealing as defined in Section 4941(d), Internal Revenue Code;

(3) may not retain any excess business holdings as defined in Section 4943(c), Internal Revenue Code;

(4) may not make any investments that would subject the nonprofit corporation to taxation under Section 4944, Internal Revenue Code; and

(5) may not make any taxable expenditures as defined in Section 4945(d), Internal Revenue Code.