9-6-505 - Eligibility requirements of qualifying arts organizations -- Allocation limitations -- Matching requirements.
9-6-505. Eligibility requirements of qualifying arts organizations -- Allocationlimitations -- Matching requirements.
(1) Any qualifying organization may apply to receive money from the state fund to bedeposited in an endowment fund it has created under Subsection 9-6-503(1):
(a) if it has received a grant from the board during one of the three years immediatelybefore making application for state fund money under this Subsection (1); or
(b) upon approval by the board if it has not received a grant from the board within thepast three years.
(2) (a) The maximum amount that may be allocated to each qualifying organization fromthe state fund shall be determined by the board by calculating the average cash income of thequalifying organization during the past three fiscal years as contained in the qualifyingorganization's final reports on file with the board. The board shall notify each qualifyingorganization of the maximum amount of money from the state fund for which it qualifies.
(b) The minimum amount that may be allocated to each qualifying organization from thestate fund is $2,500.
(c) If the maximum amount for which the organization qualifies is less than $2,500, theorganization may still apply for $2,500.
(3) After the board determines that a qualifying organization is eligible to receive moneyfrom the state fund and before any money is allocated to the qualifying organization from thestate fund, the qualifying organization shall match the amount qualified for by money raised anddesignated exclusively for that purpose. State money, in-kind contributions, and preexistingendowment gifts may not be used to match money from the state fund.
(4) Endowment match money shall be based on a sliding scale as follows:
(a) any amount requested not exceeding $100,000 shall be matched one-to-one;
(b) any additional amount requested that makes the aggregate amount requested exceed$100,000 but not exceed $500,000 shall be matched two-to-one; and
(c) any additional amount requested that makes the aggregate amount requested exceed$500,000 shall be matched three-to-one.
(5) (a) Qualifying organizations shall raise the matching amount within three years afterapplying for money from the state fund by a date determined by the board.
(b) Money from the state fund shall be released to the qualifying organization only uponverification by the board that the matching money has been received on or before the datedetermined under Subsection (5)(a). Verification of matching funds shall be made by a certifiedpublic accountant.
(c) Money from the state fund shall be released to qualifying organizations withprofessional endowment management in increments not less than $20,000 as auditedconfirmation of matching funds is received by the board.
(d) Money from the state fund shall be granted to each qualifying organization on thebasis of the matching funds it has raised by the date determined under Subsection (5)(a).
Amended by Chapter 324, 2010 General Session