Current through Register Vol. 56, No. 6, March 18, 2024
(a) The Board has full discretion in determining if the interest from the Fund shall be reinvested or distributed.
(b) Interest that is allocated for distribution shall be awarded to projects submitted to the Board by the Council, the Historic Trust, and the Commission.
1. The project list submitted by the Historic Trust shall be composed of grants for capital facilities projects for qualifying organizations with stewardship responsibility for properties listed or deemed eligible for listing on the State Register of Historic Places.
2. The project list submitted by the Council shall be composed of grants for endowment, capital facilities projects and institutional and financial stabilization projects for qualifying arts organizations.
3. The project list submitted by the Commission shall be composed of grants for endowment and institutional and financial stabilization projects for qualifying history and humanities organizations.
(c) Grant funds shall be allocated as follows:
1. Interest generated by the Fund shall be allocated as follows: 50 percent to the Council, 25 percent to the Commission and 25 percent to the Historic Trust.
2. Of the total allocation, at least 25 percent will be awarded to qualified organizations that directly benefit the residents of Southern New Jersey.
3. An affirmative vote of 10 or more members of the Board may alter the allocation to the Council, the Historic Trust or the Commission, but not the allocation to projects of qualified organizations that directly benefit the residents of Southern New Jersey.
i. Upon the completion of the fiscal year, the allocation shall revert back to the percentages enumerated in (c)1 above.
(d) The Council, the Historic Trust and the Commission shall each submit lists of projects recommended for funding from the interest of the Fund to the Board at least once each fiscal year.
1. The Council shall recommend projects based upon a priority system, ranking criteria and funding policies established by the Council pursuant to the Act and P.L. 1966, c.214 (52:16A-25 et seq.) and any rules adopted pursuant thereto.
2. The Commission shall recommend projects based upon a priority system, ranking criteria and funding policies established by the Commission pursuant to the Act and 18A:73-21 et seq. and any rules adopted pursuant thereto.
3. The Historic Trust shall recommend projects based upon a priority system, ranking criteria and funding policies established by the Historic Trust pursuant to the Act and P.L. 1967, c.124 (13:1B-15.1 11 et seq.) and any rules adopted pursuant thereto.
(e) The Board shall review the lists supplied by the Council, the Commission and the Historic Trust. The Board reserves the right to delete, but not to add, any project or groups of projects from any of the project lists submitted by either the Council, the Historic Trust or the Commission, or any combination thereof, if:
1. The organization does not meet the criteria to be designated as a qualified organization pursuant to this subchapter;
2. Based on the ranking of the organization on the lists provided by the Council, the Historic Trust and the Commission, the income from the investments of the Fund allocated for distribution is deemed inadequate to fund the complete lists of projects submitted;
3. The Fund has not generated sufficient income to warrant a grant program in a given fiscal year;
4. Any one of the recommending agencies, or a combination thereof, has employed an erroneous evaluative process in determining what projects are to be submitted on its recommended project list for funding;
5. Information becomes known about any project recommended on a project list for funding that was not known by the recommending agency prior to that agency placing the project on the project list;
6. The Board in its judgment determines that a public benefit is derived from the rejection of the project or group of projects; or
7. Any just cause for deletion, as may be determined by the Board, is identified about any project or group of projects.
(f) At the completion of the review process and deletion of any projects, the Board will approve the final list of projects at a regularly scheduled meeting.
