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(1) There is created an expendable special revenue fund known as the "Utah Arts and Museums Endowment Fund."
(2) The state fund shall be administered by the division in accordance with applicable law.
(3) Any administrative costs incurred by the division shall be reviewed by the appropriate appropriations committee of the Legislature.
(4) The state fund shall contain all money appropriated to the state fund by the Legislature, all federal funds received for purposes of this part, plus interest and other income earned on money in the state fund.
(5) The division shall distribute money in the state fund to qualifying arts and museum organizations to assist those organizations in creating their own arts endowment funds.
(6) The division may use money in the state fund for expenses related to administering the state fund.