New Jersey Administrative Code
Title 15 - STATE
Chapter 27 - NEW JERSEY CULTURAL TRUST
Subchapter 2 - NEW JERSEY CULTURAL TRUST FUND GRANT PROGRAM
Section 15:27-2.17 - Monitoring and reporting for certified restricted large gift donations
Universal Citation: NJ Admin Code 15:27-2.17
Current through Register Vol. 56, No. 6, March 18, 2024
(a) Qualified organizations receiving matching funds from the Fund for large gift donations are required to submit annual audits for a period of five years following the receipt of the match from the Fund. The audit shall include a detailed schedule of the endowment.
1. The Board reserves the right to periodically inspect the financial records of organizations that receive matching funds for certified large gift donations.
(b) No recipient of matching funds for endowment shall dispose of or take a loan against funds from the Trust without the express written consent of the Cultural Trust.
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