Utah Code 9-6-505 v2. Eligibility requirements of qualifying arts organizations — Allocation limitations — Matching requirements
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(1) Any qualifying organization may apply to receive money from the state fund to be deposited in an endowment fund the organization has created under Section 9-6-503 :
Terms Used In Utah Code 9-6-505 v2
- Arts: includes traditional, folk, classical, ethnic, contemporary, and other art forms. See Utah Code 9-6-102
- Division: means the Division of Arts and Museums. See Utah Code 9-6-102
- Endowment fund: means any endowment fund created under this chapter by a qualifying organization. See Utah Code 9-6-501
- Qualifying organization: means any Utah nonprofit arts or museum organization that qualifies under this chapter to create an endowment fund, receive state money into the endowment fund, match state money deposited into the endowment fund, and expend interest earned on the endowment fund. See Utah Code 9-6-501
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- State fund: means the Utah Arts and Museums Endowment Fund created in Section 9-6-502. See Utah Code 9-6-501
(1)(a) if the qualifying organization has received a grant from the division during one of the three years immediately before making application for state fund money under this Subsection (1); or
(1)(b) upon recommendation of the arts and museums board, if the qualifying organization has not received a grant from the board within the past three years.
(2)
(2)(a) The maximum amount that may be allocated to each qualifying organization from the state fund shall be determined by the division by calculating the average cash income of the qualifying organization during the past three fiscal years as contained in the qualifying organization’s final reports on file with the division.
(2)(b) The division shall notify each qualifying organization of the maximum amount of money from the state fund for which the qualifying organization qualifies.
(2)(c) The minimum amount that may be allocated to each qualifying organization from the state fund is $2,500.
(2)(d) If the maximum amount for which the organization qualifies under the calculation described in Subsection (2)(a) is less than $2,500, the organization may still apply for $2,500.
(3)
(3)(a) After the division determines that a qualifying organization is eligible to receive money from the state fund and before any money is allocated to the qualifying organization from the state fund, the qualifying organization shall match the amount qualified for with money raised and designated exclusively for that purpose.
(3)(b) State money, in-kind contributions, and preexisting endowment gifts may not be used to match money from the state fund.
(4) The amount of match money described in Subsection (3) that a qualifying organization is required to provide shall be based on a sliding scale as follows:
(4)(a) any amount requested not exceeding $100,000 shall be matched one-to-one;
(4)(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
(4)(c) any additional amount requested that makes the aggregate amount requested exceed $500,000 shall be matched three-to-one.
(5)
(5)(a) Qualifying organizations shall raise the matching amount within three years after applying for money from the state fund by a date determined by the division.
(5)(b) Money from the state fund shall be released to the qualifying organization only upon verification by the board that the matching money has been received on or before the date determined under Subsection (5)(a).
(5)(c) Verification of matching funds shall be made by a certified public accountant.
(5)(d) Money from the state fund shall be released to qualifying organizations with professional endowment management in increments not less than $20,000 as audited confirmation of matching funds is received by the division.
(5)(e) Money from the state fund shall be granted to each qualifying organization on the basis of the matching funds a qualifying organization has raised by the date determined under Subsection (5)(a).