The Advocacy Office extends our sincerest gratitude to former director, Kim Christy, for his years of dedicated service and exemplary leadership. Kim officially retired on April 1, 2026, leaving behind a legacy of strong advocacy for the trust beneficiaries. After public notice, resume reviews, and a series of interviews, Liz Mumford has been appointed by State Treasurer, Marlo Oaks and the Advocacy Council as the new director of the Advocacy Office. Many of you know Liz from her work in the office as a Program Manager and we will share more about her experience and vision in a future newsletter.
In this issue you will find:
- Beneficiary Engagment Requests: Liaison designations, council representation, and input opportunities ahead
- Proposed Large Land Sale: 50,000+ acres in the Book Cliffs under consideration for sale to DNR
- 2026 Legislative Updates: Legislative updates impacting trust beneficiaries
- Trust Performance Updates: Revenue and fund performance from TLA and SITFO
LAND TRUSTS PROTECTION AND ADVOCACY OFFICE HIGHLIGHTS
Key Updates for Beneficiaries
As implementation of SB43 continues, we look forward to cordinating on the following opportunities to support compliance and strengthen beneficiary representation:
- Official Liaison: Institutions will be asked to identify an official liaison, as outlined in statute, and complete a brief assurance form designating appropriate contacts for various trust matters.
- Advocacy Council Representation: We will be seeking an institutional beneficiary representative to fill an abbreviated term on the Advocacy Council and will share additional details on the nomination process.
- Administrative Rule Drafting: Opportunities will be provided to share input on the development of an administrative rule related to the oversight and monitoring of trust distributions.
- Service Survey: A brief survey will be distributed to gather feedback on Advocacy Office services and communications, helping inform ongoing improvements.
- Communication Assets: We will be developing content for training, reporting, and outreach and will invite institutions to share photos or videos that highlight how trust distributions are making an impact.
Proposed 50,000+ Acre Land Sale: What Beneficiaries Should Know
Following passage of H.B. 262 in 2024, Trust Lands Administration (TLA) is authorized to sell large land blocks (5,000+ acres) directly to the Utah Department of Natural Resources (DNR). This authority allows for the transfer of trust lands with low revenue potential but high public and recreational value into state ownership, while ensuring beneficiaries receive fair market value in accordance with fiduciary responsibilities.
Future large land block sales may benefit other institutional beneficiaries and will follow the administrative rule adopted by TLA. These transactions involve surface estate sales only; mineral estate will remain a trust asset for the respective beneficiary.
The Advocacy Office, trust beneficiaries, and other stakeholders supported H.B. 262 for its potential to monetize underperforming land assets and strengthen the Permanent Fund. The Advocacy Office will continue to monitor and advise on these transactions, with a focus on appraisal integrity, contract terms, board review, and the Director’s Finding to ensure each sale serves the best interests of beneficiaries under the law.
Additional information is available HERE, including:
- 30 Day Notice: Official notice for a potential sale on May 21, 2026.
- Utah Code: Legislation authorizing large land block sales to DNR
- TLA Rule: Administrative rule outlines sale and lease procedures.
- 2024 Letter of Support: Issued by stakeholders in support of the code.
Proposed 50,000+ Acre Land Sale: What Beneficiaries Should Know
The session resulted in positive outcomes for the Advocacy Office, the trustee agencies, and the beneficiaries, including:
- Beneficiary Advocacy: SB43 refined the Advocacy Office mission
- Geothermal Amendments: SB21 reserved geothermal resources to the mineral estate, protecting beneficiary interests in severed estates.
- Economic Development: HB475 identified SITLA as a partner in statewide development.
- Community Councils: HB144 clarified council seating and digital citizenship.
- Local Solutions: HB64 was tabled; Promise Rock preservation shifted to an administrative process.
- Agency Budgets: HB1, HB5, and SB6 adopted trust agency budgets.
SITFO HIGHLIGHTS
SITFO Fund Performance
The Permanent Funds balance is currently valued at approximately $4.4 billion, a growth of roughly $600 million over the last six months. The portfolio risk remains below the benchmark and has held up well during recent market drawdowns, consistent with its defensive design.
TRUST LANDS ADMINISTRATION HIGHLIGHTS
TLA and Agricultural Partners Launch Coordination Working Group
Trust Lands Administration (TLA) and members from the agricultural community formed the TLA-Ag Coordination Working Group to provide a forum for exchanging perspectives, reviewing processes, strengthening relationships, and coordinating on legislative and other collaborative efforts. The group includes County Commissioners, Utah Department of Agriculture staff, and representatives from the Farm Bureau, Utah Public Lands Council, Utah Cattlemen’s Association, and Utah Woolgrowers Association, as well as the TLA Director and staff. The group met twice during the quarter and plans to continue meeting to increase collaboration and communication.
Revenue and Development Activity Updates
This quarter saw several significant revenue-generating activities that contribute to long-term value and increased returns for beneficiaries, including:
- The Board approved a development lease with the Larry H. Miller Real Estate involving approximately 1,200 acres in Saratoga Springs. These lands are held in trust for the Public Schools Trust (93.31%) and Utah State University (6.69%). LHMRE is expected to build nearly 3,000 homes in the next 10-15 years and the beneficiaries will receive percentage payments of 6% of the homes’ sales price. For the commercial and civic parcels on the land, the beneficiaries will receive percentage payments of 50% of the sales price.
- The agency held a mineral auction in February that generated just under $1,350,000 in revenue for the beneficiaries. Seven oil and gas leases and seven metalliferous leases were acquired during the auction.
- Revenue as of the end of the third quarter was $118M.
###