State Codes and Statutes
Statutes > New-york > Stf > Article-6 > 97-u§ 97-u. New York state theatre institute corporation fund. 1. There is hereby established in the custody of the commissioner of taxation and finance a special account to be known as the "New York state theatre institute corporation fund." 2. All moneys received by the New York state theatre institute corporation reestablished pursuant to article nine of the arts and cultural affairs law from whatever source derived, including but not limited to revenues from theatrical productions, educational services, subleases, concessions, marketing of properties owned or licensed by the corporation, and the sale of such properties, shall be deposited to the exclusive credit of such fund. Said moneys shall be kept separate and shall not be commingled with any other moneys in the custody of the commissioner of taxation and finance. 3. The moneys in said account shall be retained by the corporation through the submission of a business plan to the commissioner of taxation and finance. Thereafter moneys will be released by the commissioner of taxation and finance, to the corporation and deposited in a general interest-bearing account and such other interest-bearing accounts as the corporation may deem necessary for the transaction of its business and shall be paid out on checks signed by the treasurer of the corporation or such other member of the board or employee as the corporation may authorize. 4. All contributions of real or personal property made to the fund whether by gift, devise or bequest shall qualify as deductions in computing the net taxable income of the donor for the purposes of any income tax imposed by the state or any political subdivision thereof. 5. The cash balances of the accounts in the name of the empire state youth theatre institute held by the state university at Albany are hereby transferred to the New York state theatre institute corporation fund. The state university at Albany is hereby directed to transfer such moneys belonging to the empire state youth theatre institute deposited in an income fund reimbursable account, the university at Albany fund, and the research foundation of the state university account. Such moneys shall be immediately available to the New York state theatre institute corporation for its expenses, including production, travel, operation, printing, leases, and other necessary expenses in carrying out the provisions of article nine of the arts and cultural affairs law. 6. All monies expended for the corporation shall be expended upon warrants filed with the commissioner of taxation and finance, subject to the pre-audit of the comptroller pursuant to section eight of this chapter.
