N.J. Admin. Code § 15:27-2.7 - Certification and evaluation procedures for restricted donations to the Cultural Trust

(a) Money, real property or other item of monetary value given directly to a qualified organization and expressly dedicated to the organization's endowment may be considered a restricted donation to that organization and may be certified by the Cultural Trust for the purpose of transferring a dollar for dollar matching amount of money from the Trust Account to the Trust Fund.

(b) To obtain certification of a restricted donation of money to the endowment of a qualified organization, the qualified organization shall send the following to the Cultural Trust:

1. The amount of the donation, the name of the financial institution and account number from which the donation came;

2. The date the donation was received;

3. Any terms and conditions of the donation that, if not met, would result in the donation's rescission;

4. The current disposition of the donation;

5. A copy of the donation document received by the qualified organization from the donor; and

6. A copy of official organization board minutes establishing an endowment.

(c) To certify a restricted donation of real property or other items of monetary value to the endowment of a qualified organization, the qualified organization shall send the following to the Cultural Trust:

1. The amount or value of the donation;

2. Any terms and conditions of the donation that, if not met, would result in the donation's rescission;

3. The date the donation was received;

4. The current disposition of the donation;

5. A copy of the donation document received by the qualified organization from the donor; and

6. A copy of official organization board minutes establishing an endowment.

(d) In the case of a restricted donation of real property or other item of monetary value, the amount of the match transferred to the Cultural Trust shall be based upon the value of the real property or item of monetary value on the date of transfer of ownership from the donor to the qualified organization, based on the certified appraisal, deed or other documentation describing the real property or item of monetary value, stating its fair market value as of the close of business on the day on which the donation is made. The Board reserves the right to require additional proofs of value. The Board shall make the final determination of value for purposes of the match.

Notes

N.J. Admin. Code § 15:27-2.7