§ 20.15 — Resources of a trust

New York § 20.15

• Jurisdiction: New York
• Law ACA: Arts and Cultural Affairs
• Title E: New York State Cultural Resources Act

Text

§ 20.15. Resources of a trust. 1. A trust may receive, accept, invest,\nadminister, expend and disburse for its corporate purposes, including\nwithout limitation the operation and administration of the trust, any\nrevenues and monies made available or to be made available to it from\nany or all sources, including gifts, grants, loans and payments from the\nstate, any county or municipality and the United States, and any agency\nor instrumentality of any of them, and from any other person.\n 2. A trust shall keep separate books and records of account in\nconnection with each combined-use facility and each cultural facility\nand shall not spend or commingle any monies received by it in connection\nwith such facility with any other monies received by it in connection\nwith any other facility; provided, however, the trust may charge each\nsuch facility its costs of administration and operation allocable to\neach such facility, and establish or maintain such reserves for the\npayment of such costs as the trust deems necessary.\n 3. The comptroller of the state or his legally authorized\nrepresentative and the chief fiscal officer of the municipality or\ncounty in which a trust shall develop or cause to be developed any\ncombined-use facility or a facility for a not-for-profit cultural\norganization or any cultural facility or his legally authorized\nrepresentative shall be authorized from time to time to examine the\nbooks and accounts of the trust including its receipts, disbursements,\ncontracts, reserves, investments, and any other matters relating to its\nfinancial standing. Such an examination shall be conducted by each such\nofficer at least once in every three years; each such officer is\nauthorized, however, to accept from the trust, in lieu of such an\nexamination, an external examination of its books and accounts made by a\ncertified public accountant acceptable to such officer.\n