2006 Utah Code - 9-8-705 — Eligibility requirements of qualifying history organizations -- Allocation limitations -- Matching requirements.

     9-8-705.   Eligibility requirements of qualifying history organizations -- Allocation limitations -- Matching requirements.
     (1) Any qualifying organization may apply to receive monies from the state fund to be deposited in an endowment fund it has created under Section 9-8-703:
     (a) if it has received a grant from the division during one of the three years immediately before making application for state fund monies under this subsection; or
     (b) if it has not received a grant from the division within the past three years, it may receive a grant upon approval by the division according to policy of the board.
     (2) (a) The maximum amount that may be allocated to each qualifying organization from the state fund shall be determined by the division in a format to be developed in consultation with the board.
     (b) The minimum amount that may be allocated to each qualifying organization from the state fund is $2,500.
     (3) After the division determines that a qualifying organization is eligible to receive monies 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 by monies raised and designated exclusively for that purpose. State monies and in-kind contributions may not be used to match monies from the state fund.
     (4) Endowment match monies shall be based on a sliding scale as follows:
     (a) amounts requested up to $20,000 shall be matched one-to-one;
     (b) any additional amount requested that makes the aggregate amount requested exceed $20,000 but not exceed $50,000 shall be matched two-to-one; and
     (c) any additional amount requested that makes the aggregate amount requested exceed $50,000 shall be matched three-to-one.
     (5) (a) Qualifying organizations shall raise the matching amount by a date determined by the board.
     (b) Monies from the state fund shall be released to the qualifying organization only upon verification by the division that the matching money has been received on or before the date determined under Subsection (a). Verification of matching funds shall be made by a certified public accountant.
     (c) Monies from the state fund shall be released to qualifying organizations with professional endowment management in increments not less than $2,500 as audited confirmation of matching funds is received by the board.
     (d) Monies from the state fund shall be granted to each qualifying organization on the basis of the matching funds it has raised by the date determined under Subsection (a).

Enacted by Chapter 121, 1991 General Session