N.J. Admin. Code § 15:27-2.17

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

Section 15:27-2.17 - Monitoring and reporting for certified restricted large gift donations

(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.

N.J. Admin. Code § 15:27-2.17