N.J. Admin. Code § 15:27-2.8

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

Section 15:27-2.8 - Evaluation of restricted donations by the Cultural Trust

(a) Upon receipt, review and acceptance of the documents from the donor and the qualified organization as required under N.J.A.C. 15:27-2.7, the Board will:

1. Certify to the State Treasurer that the donation is consistent with the terms of the New Jersey Cultural Trust Act and request a transfer of an equal amount from the Trust Account to the Trust Fund; and

2. Notify the qualified organization in writing that the donation has been approved and certified and document the results of this process.

(b) The Board reserves the right to:

1. Inspect the financial records of a qualified organization whose restricted donation has been or is in the process of being certified;

2. Require a statement from the qualified organization's independent auditor confirming that any restricted donation of money, real property, or an item of monetary value is being applied to the organization's endowment;

3. Request additional documentation, affidavits, appraisals, etc. to confirm the value or ownership of a restricted donation; and

4. Refuse to certify a donation it deems unacceptable to the intent of the Act or that may expose the Cultural Trust or the State of New Jersey to liability.

N.J. Admin. Code § 15:27-2.8