New Jersey Administrative Code › Title 15 - STATE › Chapter 27 - NEW JERSEY CULTURAL TRUST › Subchapter 2 - NEW JERSEY CULTURAL TRUST FUND GRANT PROGRAM › Section 15:27-2.9 - Procedures for large gift-restricted donations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When the restricted donation is equal to or greater than $ 100,000, the donation shall be considered a large gift donation. By resolution, the Board shall then disburse from the matched funds transferred from the Trust Account to the Trust Fund an amount equal to 20 percent of the donation received by the qualified organization. However, the aggregate of such disbursements shall not exceed 20 percent of the money transferred to the Trust Fund from the Trust Account by virtue of the certification process.
1. If the restricted donation of real property or other item of monetary value qualifies as a large gift donation, the Trust shall certify to the State Treasurer the amount of the donation from the donor to the qualified organization for the purposes of calculating the transfer of funds from the Account to the Fund, and for the purpose of calculating the 20 percent matching disbursement from the Fund to the qualifying organization.
2. If the restricted donation is in the form of a pledge from one donor over a two-year period, the aggregate of which will qualify as a large gift donation, the yearly donation, after certification by the Board to the State Treasurer, shall cause a transfer of funds from the Account to the Fund in the amount of the yearly contribution. However, the qualifying organization shall not be eligible to receive the 20 percent matching disbursement of money in hand until the aggregate of those yearly donations from one donor equals at least $ 100,000 and has been certified by the Board.
i. In each year of the pledged donation, in addition to the documents necessary to certify each yearly donation, the qualifying organization shall submit to the Trust financial records indicating the disposition of that year's donation, the disposition of the previous year's donations with regard to the pledge, and a financial audit of its operation by an independent certified public accountant, indicating the endowment account wherein the restricted donation is held.
3. On a regular basis, the Trust shall accept applications for qualification of organizations and certification of restricted donations. These actions can occur simultaneously.
4. In the event that the amount of restricted donations certified for a match from the Trust Fund exceeds the 20 percent aggregated amount available for distributions at any meeting, the Board at that meeting, and then annually, shall determine a minimum distribution amount to each eligible organization and with any remaining dollars determine a single flat percentage rate that all approved qualifying organizations with outstanding balances still owed in that round will receive, which corresponds to the available resources for that round of certified large-gift donations.
5. The Board reserves to itself the right to impose a uniform cap on the amount that any certified organization may receive in matching Trust funds at any meeting if the match to all other qualifying large restricted donations has not been satisfied and there remain no available matching funds.
6. Qualifying organizations that do not receive their match or any part of their match because of the unavailability of funding at any meeting and are approved by the Board pending availability of funding shall remain on the list as a class and receive first consideration at the next opportunity in which funding becomes available.