Ariz. Admin. Code § 2-2-102

Current through Register Vol. 31, No. 2, January 10, 2025

Section R2-2-102 - Matching Private Monies

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.

Ariz. Admin. Code § R2-2-102

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).