Section 153.180 - Kentucky Foundation for the Arts - Purpose - Funding - Board of trustees - Support staff - Annual report(1) There is hereby established a nonprofit foundation to be known as the Kentucky Foundation for the Arts. The purpose of the foundation shall be to enhance the stability of Kentucky's arts organizations and to ensure Kentuckians have access to the arts through the support of an endowment fund.(2) Funding for the foundation shall be obtained through state appropriations, gifts, grants, and any other funds from the public and private sectors. The foundation board shall have the authority to solicit, accept, and receive contributions from the public and private sectors to match public funding. Moneys in the foundation fund shall not lapse to the general fund at the end of the fiscal year. Moneys in the foundation fund shall be invested by the Office of Financial Management established in KRS 42.0201 consistent with the provisions of KRS Chapter 42, and interest income earned shall be credited to the foundation fund. The foundation board may use the investment income for the purpose of awarding matching grants to nonprofit arts organizations to carry out the following programs: (a) The Performing Arts and Visual Arts Touring Subsidy Program shall support tours and exhibitions for the education and enjoyment of audiences throughout the state; and(b) The Institutional Stabilization Program shall provide operating funds to achieve short-term or long-term stability of arts organizations.(3) The foundation shall be governed by a board of trustees consisting of six (6) members appointed by the Governor on recommendations from the Kentucky Arts Council. For the initial appointments, the Governor shall appoint two (2) members to serve two (2) year terms; two (2) members to serve three (3) year terms; and two (2) members to serve four (4) year terms. Thereafter, the Governor shall make all appointments for a term of four (4) years. The board shall elect by majority vote a chair and other officers deemed necessary. Board members shall not receive any compensation for their services, but may be reimbursed in accordance with the provisions of KRS 49.040 and 45.101 for actual and necessary expenses incurred in the performance of their duties.(4) The foundation board shall perform duties and responsibilities deemed necessary to fulfill the purposes of this section. The foundation board shall establish by administrative regulation procedures for administration of the foundation, eligibility criteria for the award of grants, appropriate matching contributions from grant recipients, and evaluation and reporting requirements.(5) The foundation shall be attached to the Office of the Secretary of the Tourism, Arts and Heritage Cabinet for administrative purposes only. The Kentucky Arts Council shall provide to the foundation by agreement staff support and office facilities for which reasonable charges and fees may be levied against the foundation fund.(6) The foundation board shall submit an annual report to the Governor and the Legislative Research Commission listing the sources of funds acquired and expended.Amended by 2017 Ky. Acts ch. 74,§ 90, eff. 6/29/2017.Effective:6/25/2009
Amended 2009, Ky. Acts ch. 16, sec. 33, effective6/25/2009. -- Amended 2005, Ky. Acts ch. 85, sec. 568, effective 6/20/2005; and ch. 95, sec. 29, effective 6/20/2005. -- Amended 2000, Ky. Acts ch. 46, sec. 25, effective 7/14/2000. --Created 1998, Ky. Acts ch. 588, sec. 1, effective 7/15/1998.