(1)The Nebraska Arts and Humanities Cash Fund is created. The fund shall consist of all funds credited from the Nebraska Cultural Preservation Endowment Fund pursuant to section 82-331 . The Nebraska Arts Council shall administer and distribute the Nebraska Arts and Humanities Cash Fund. The Nebraska Arts Council may, through the end of fiscal year 2019-20, use up to thirty thousand dollars annually to defray costs directly related to the administration of sections 82-330 to 82-333 . Beginning in fiscal year 2020-21 and each fiscal year thereafter, the Nebraska Arts Council may use from the Nebraska Arts and Humanities Cash Fund an amount equivalent to one-half of one percent of the balance of the Nebraska Cultural Preservation Endowment Fund to defray costs directly related to the ad
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(1) The Nebraska Arts and Humanities Cash Fund is created. The fund shall consist of all funds credited from the Nebraska Cultural Preservation Endowment Fund pursuant to section 82-331 . The Nebraska Arts Council shall administer and distribute the Nebraska Arts and Humanities Cash Fund. The Nebraska Arts Council may, through the end of fiscal year 2019-20, use up to thirty thousand dollars annually to defray costs directly related to the administration of sections 82-330 to 82-333 . Beginning in fiscal year 2020-21 and each fiscal year thereafter, the Nebraska Arts Council may use from the Nebraska Arts and Humanities Cash Fund an amount equivalent to one-half of one percent of the balance of the Nebraska Cultural Preservation Endowment Fund to defray costs directly related to the administration of sections 82-330 to 82-333 . The annual calculation of the administrative-costs limit shall be carried out in conjunction with the budget division of the Department of Administrative Services. The calculation shall be carried out no later than September 10 of each fiscal year and shall be based upon the balance of the Nebraska Cultural Preservation Endowment Fund as it existed on June 30 of the previous year. Expenditures designated as administrative costs shall not be subject to the private matching fund requirements set forth in subsection (2) of this section.
(2) All disbursements from the Nebraska Arts and Humanities Cash Fund that are to support arts and humanities projects, endowments, or programs shall be matched dollar-for-dollar by sources other than state funds. The match funds shall be new money generated for endowments established by the Nebraska Arts Council or Nebraska Humanities Council or qualified endowments of their constituent organizations, new money generated as a result of seed grants to recipients, or new money generated by the Nebraska Arts Council or Nebraska Humanities Council for arts or humanities education. Matching funds shall also include earnings generated by qualified private endowments formed in accordance with this section. For purposes of this section, new money means a contribution to a qualified endowment generated after July 1, 2011. Contributions not fully matched by state funds shall be carried forward to succeeding years and remain available to provide a dollar-for-dollar match for state funds. For an endowment to be a qualified endowment (a) the endowment must meet the standards set by the Nebraska Arts Council or Nebraska Humanities Council, (b) the endowment must be intended for long-term stabilization of the organization, and (c) the funds of the endowment must be endowed and only the earnings thereon expended. An organization is a constituent organization if it receives funding from the Nebraska Arts Council or Nebraska Humanities Council and is tax exempt under section 501 of the Internal Revenue Code. The match funds required by this section shall not include in-kind contributions. The budget division of the Department of Administrative Services shall approve allotment and disbursement of funds from the Nebraska Arts and Humanities Cash Fund that are governed by this subsection only to the extent the Nebraska Arts Council has provided documentation of the dollar-for-dollar match required by this section. Funds from the Nebraska Arts and Humanities Cash Fund may be used for the purpose of obtaining challenge grants from the National Endowment for the Humanities or the National Endowment for the Arts.
(3) Rules and regulations of the Nebraska Arts Council shall provide that the ultimate use of disbursements from the Nebraska Arts and Humanities Cash Fund authorized under subsection (2) of this section shall be in a ratio of seventy percent to projects, endowments, or programs designated by the Nebraska Arts Council and thirty percent to projects, endowments, or programs designated by the Nebraska Humanities Council.
(4) Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.