A. The Commission shall consider private monies to be a match to the Arizona Arts Endowment Fund if the private monies are contributed as follows:
- 1. The donor enters into a written agreement with an endowment fund to dedicate the monies permanently; and
- 2. The donor designates the monies to the Arizona Arts Endowment Fund or to the endowment fund of a 501(c)(3) community organization contracting with the Arizona Commission on the Arts to administer the monies.
B. The Commission shall not consider a donation to be a match to the Arizona Arts Endowment Fund if:
- 1. The donor designates the monies to a specific arts organization’s endowment fund, or
- 2. The donor designates the monies to another government endowment fund for the arts.
- C. The Commission shall consider monies in a donor-advised fund or a field-of-interest for the arts fund the same as all other monies donated in compliance with subsection (A).
- D. Funds may be held, accounted for, and named individually.
- E. The Commission may enter into written agreements with one or more 501(c)(3) community organizations to collect, invest, and manage private monies. The contracted organization shall report, on a quarterly basis, the collection of, investment of, and return on the monies, to the Commission.
- F. The Commission shall request annual written financial reports from non-profit arts organizations in Arizona. Each report shall include a statement of the amount of monies received by an endowment for the arts of the reporting non-profit arts organizations. The Commission shall annually document and report these gifts to arts endowments to the Legislature in addition to reporting non-designated funds.
Historical Note
Adopted effective September 21, 1998 (Supp. 98-3). Amended by final rulemaking at 8 A.A.R. 3291, effective July 15, 2002 (Supp. 02-3).