82-332 Nebraska Arts and Humanities Cash Fund; created; use; investment. - Nebraska Statutes

82-332. Nebraska Artsand Humanities Cash Fund; created; use; investment.(1)The Nebraska Arts and Humanities Cash Fund is created. The fund shall consistof all funds credited from the Nebraska Cultural Preservation Endowment Fundpursuant to section 82-331. The Nebraska Arts Council shall administer anddistribute the Nebraska Arts and Humanities Cash Fund. All disbursements fromthe Nebraska Arts and Humanities Cash Fund shall be matched dollar-for-dollarby sources other than state funds. The match funds shall be new money generatedfor endowments established by the Nebraska Arts Council or Nebraska HumanitiesCouncil or qualified endowments of their constituent organizations, new moneygenerated as a result of seed grants to recipients, or new money generatedby the Nebraska Arts Council or Nebraska Humanities Council for arts or humanitieseducation. Matchingfunds shall also include earnings generated by qualified private endowmentsformed in accordance with this section. New money used as a matchshall not be limited to matching the Nebraska Arts and Humanities Cash Fundin the state fiscal year the new money is received, but it shall be used asa match no later than the subsequent fiscal year. For an endowment to be aqualified endowment (a) the endowment must meet the standards set by the NebraskaArts Council or Nebraska Humanities Council, (b) the endowment must be intendedfor long-term stabilization of the organization, and (c) the funds of theendowment must be endowed and only the earnings thereon expended. An organizationis a constituent organization if it receives funding from the Nebraska ArtsCouncil or Nebraska Humanities Council and is tax exempt under section 501of the Internal Revenue Code. The match funds required by this section shallnot include in-kind contributions. The budget division of the Department ofAdministrative Services shall approve allotment and disbursement of fundsfrom the Nebraska Arts and Humanities Cash Fund only to the extent the NebraskaArts Council has provided documentation of the dollar-for-dollar match requiredby this section. Funds from the Nebraska Arts and Humanities Cash Fund maybe used for the purpose of obtaining challenge grants from the National Endowmentfor the Humanities or the National Endowment for the Arts.(2) Rules and regulations of the Nebraska Arts Council shallprovide that the ultimate use of disbursements from the Nebraska Arts andHumanities Cash Fund shall be in a ratio of seventy percent to projects, endowments,or programs designated by the Nebraska Arts Council and thirty percent toprojects, endowments, or programs designated by the Nebraska Humanities Council.(3) Any money in the fund available for investment shall beinvested by the state investment officer pursuant to the Nebraska CapitalExpansion Act and the Nebraska State Funds Investment Act. SourceLaws 1998, LB 799, § 3; Laws 2009, LB316, § 24. Cross ReferencesNebraska Capital Expansion Act, see section 72-1269.Nebraska State Funds Investment Act, see section 72-1260.