(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.