SALT LAKE CITY – May 7, 2025 – Utah Treasurer Marlo M. Oaks today announced the appointment of Rakhi Patel to the School and Institutional Trust Funds Office (SITFO) Board of Trustees. Patel is appointed to fill the seat currently held by David Nixon, whose second term concludes on June 30.
When Utah became a state in 1896, Congress granted approximately seven million acres of land into 12 separate trusts for the support of state institutions, the largest being a trust for the perpetual support of public schools. In 2014, the Utah Legislature created SITFO as an independent state agency with a five-member Board of Trustees, chaired by the state treasurer, to invest the funds produced by the School and Institutional Trust Lands Administration’s (TLA) management of the land.
“Ms. Patel brings an exceptional combination of legal, investment, and corporate governance expertise to the SITFO Board,” Treasurer Oaks said. “Her global perspective, strategic insight, and commitment to public service will make her an invaluable addition to our efforts to manage and grow Utah’s trust funds for current and future generations,” Treasurer Oaks said. “I am grateful for Mr. Nixon’s 11 years of dedicated service to the trust system as one of SITFO’s original board members. During his tenure, the trust funds experienced remarkable growth, and his insightful oversight as a board member was instrumental to their success.”
Patel currently serves as Deputy General Counsel, Corporate and M&A, at GoodLeap, a fintech company in the renewable energy sector. She also provides legal counsel to GoodFinch, an affiliated investment firm with over $1 billion in assets under management, focused on solar energy and sustainable home improvement. Patel brings extensive experience in mergers and acquisitions, securities and corporate law, and investment fund management, having previously held legal roles at Tesla and Skadden Arps. A graduate of UCLA School of Law, where she served as Editor-in-Chief of the UCLA Law Review, Patel also holds degrees from Stanford University and Grinnell College. She studied international commerce at Seoul National University as a Rotary Ambassadorial Scholar.
“I’m honored to join the SITFO Board and support a mission that strengthens education and public institutions throughout Utah,” Patel said. “It’s a privilege to help steward these investments with care and purpose.”
The SITFO Board Nominating Committee, under the direction of the Land Trusts Protection and Advocacy Office, has met twice since February to identify and interview candidates. Treasurer Oaks interviewed the committee’s final nominations before appointing Patel to the board.
About the School and Institutional Trusts System
As part of Utah’s 1894 Enabling Act, Congress granted millions of acres of land, called trust lands, to our state. Constitutional provisions require that revenue earned from the land be placed into permanent endowments for specific institutions, including public education, state hospitals, and universities. The land has been administered by TLA since 1994. In 2014, the Utah State Legislature created SITFO as an independent state agency to invest the funds produced by TLA’s administration of the land. During the 2018 General Session, the legislature authorized the creation of the Land Trusts Protection and Advocacy Office to ensure beneficiary interests are maximized by monitoring land management, fund investment, and distribution administration.
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