N.J. Admin. Code § 15:27-2.10

Current through Register Vol. 56, No. 24, December 18, 2024

Section 15:27-2.10 - Certification and evaluation procedures for unrestricted donations to the Cultural Trust

(a) Money, real property or other object of value given directly to the Cultural Trust is considered an unrestricted donation to the Cultural Trust. Once certified, the donation shall initiate a dollar-for-dollar transfer funds from the Trust Account to the Trust Fund.

(b) In order for an unrestricted donation of money to the Cultural Trust to be certified, the donor shall send a letter of donation to the Cultural Trust stating:

1. The amount of the donation;

2. The financial institution and account number from which the moneys were or will be allocated; and

3. All terms and conditions of the donation.

(c) Before certifying an unrestricted donation of real property or other item of monetary value, the donor shall send a letter of donation to the Cultural Trust:

1. Stating the name and address of the donor, the value of the donation and all terms and conditions of the donation; and

2. Accompanied by a certified appraisal, deed, or other documentation describing the real property or other item of monetary value, stating its fair market value as of the close of business on the day on which the donation was made, and verifying the donor's ownership of the real property or other items of monetary value.

(d) In the case of an unrestricted donation of real property or other item of monetary value, the amount of the match transferred to the Cultural Trust shall be based upon the value of the real property or item of monetary value from the donor to the Cultural Trust, based on the certified appraisal, deed or other documentation describing the real property or item of monetary value, stating its fair market value as of the close of business on the day on which the donation is made. The Board reserves the right to require additional proofs of value. The Board shall make the final determination of value for purposes of the match.

N.J. Admin. Code § 15:27-2.10