Eligibility requirements of qualifying arts organizations -- Allocation limitations -- Matching requirements.
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(1) Any qualifying organization may apply to receive money from the state fund to be deposited in an endowment fund the organization has created under Section 9-6-503:
(a) if the qualifying organization has received a grant from the division during one of the three years immediately before making application for state fund money under this Subsection (1); or
(b) upon recommendation of the arts board or the museums board if the qualifying organization has not received a grant from the board within the past three years.
(2)
(a) The maximum amount that may be allocated to each qualifying organization from the state fund shall be determined by the division by calculating the average cash income of the qualifying organization during the past three fiscal years as contained in the qualifying organization's final reports on file with the division.
(b) The division shall notify each qualifying organization of the maximum amount of money from the state fund for which the qualifying organization qualifies.
(c) The minimum amount that may be allocated to each qualifying organization from the state fund is $2,500.
(d) If the maximum amount for which the organization qualifies under the calculation described in Subsection (2)(a) is less than $2,500, the organization may still apply for $2,500.
(3)
(a) After the division determines that a qualifying organization is eligible to receive money from the state fund and before any money is allocated to the qualifying organization from the state fund, the qualifying organization shall match the amount qualified for with money raised and designated exclusively for that purpose.
(b) State money, in-kind contributions, and preexisting endowment gifts may not be used to match money from the state fund.
(4) The amount of match money described in Subsection (3) that a qualifying organization is required to provide shall be based on a sliding scale as follows:
(a) any amount requested not exceeding $100,000 shall be matched one-to-one;
(b) any additional amount requested that makes the aggregate amount requested exceed $100,000 but not exceed $500,000 shall be matched two-to-one; and
(c) any additional amount requested that makes the aggregate amount requested exceed $500,000 shall be matched three-to-one.
(5)
(a) Qualifying organizations shall raise the matching amount within three years after applying for money from the state fund by a date determined by the division.
(b) Money from the state fund shall be released to the qualifying organization only upon verification by the board that the matching money has been received on or before the date determined under Subsection (5)(a).
(c) Verification of matching funds shall be made by a certified public accountant.
(d) Money from the state fund shall be released to qualifying organizations with professional endowment management in increments not less than $20,000 as audited confirmation of matching funds is received by the division.
(e) Money from the state fund shall be granted to each qualifying organization on the basis of the matching funds a qualifying organization has raised by the date determined under Subsection (5)(a).