Nebraska Administrative Code
Topic - ARTS COUNCIL
Title 40 - NEBRASKA ARTS COUNCIL
Chapter 2
Section 40-2-004 - Matching funds, what constitutes
Universal Citation: 40 NE Admin Rules and Regs ch 2 ยง 004
Current through March 20, 2024
004.01 New money for endowments established by the NAC or the NHC to be used as match shall include the following:
004.01A Conventional funds are
funds, or anything convertible into funds, given to the NAC or NHC for the
purpose of stabilizing the arts or humanities or arts or humanities education,
and specifically for the purpose of matching the money from the Cash Fund. The
source of conventional funds may be either private or public, excluding
Nebraska state funds. Conventional funds shall include, but not be limited to,
the following:
004.01A(1) Multi-year pledges
shall be counted as match on a year-to-year basis as the money being counted is
collected.
004.01A(2) Deferred
gifts, such as testamentary gifts, shall be counted as a match only when
actually collected or at the time they become irrevocable.
004.01A(3) Life insurance policies are
acceptable property for matching gifts if ownership is transferred to the NAC,
NHC, or their endowments. The matching gift value shall be the existing cash
value and dividend values if applicable as calculated at date of transfer.
Annual increases of cash and dividend values of paid-up policies may be
credited as they accrue. Also, values accruing to other policies may be
credited except as they are used to offset annual premiums. When the policy
becomes due as a claim, the total face amount less prior used values will be a
match in the year received.
004.01A(4) Funds given through an irrevocable
trust may be counted in the same year the trust becomes irrevocable.
004.01A(5) Earnings from the NAC/NHC
Endowments shall be considered conventional funds, but earnings on funds in the
Cash Fund shall not be considered conventional funds.
004.01B Designated Funds consist of
competitive grant money which comes from an outside source, private or
governmental agency, and is already designated for some purpose. This kind of
funding constitutes part of the match only if it is one of the following types:
004.01B(1) Funds given to the NAC or the NHC
or their endowments for the purpose of being used as match.
004.01B(2) Funds given to the NAC or the NHC
to be distributed to constituent organizations for the constituents'
stabilization endowments.
004.01B(3) Funds given to the NAC or the NHC
to be distributed to constituent organizations for arts or humanities
education.
004.02 New money generated for qualified endowments of constituent organizations can be included as part of the match. In order to count as match, donations to qualified endowments must meet the following requirements:
004.02A The endowment
must meet the standards set by the Nebraska Arts Council or the Nebraska
Humanities Council.
004.02B The
endowment must be intended for long-term stabilization of the
organization.
004.02C The funds of
the endowment must be endowed and only the earnings thereon expended.
004.02D The constituent organization must
adhere to the rules and standards of the NAC or NHC for the reception of those
funds.
004.03 New money generated to match seed grants awarded by the NAC or the NHC may be counted as match for the Cash Fund. The seed grant must be used for a non-capital project or program, and the grant must be necessary to the production of the project.
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