State Codes and Statutes

Statutes > Utah > Title-09 > Chapter-08 > 9-8-705

9-8-705. Eligibility requirements of qualifying history organizations -- Allocationlimitations -- Matching requirements.
(1) Any qualifying organization may apply to receive money from the state fund to bedeposited 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 immediatelybefore making application for state fund money under this Subsection (1); or
(b) if it has not received a grant from the division within the past three years, it mayreceive 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 fromthe state fund shall be determined by the division in a format to be developed in consultationwith the board.
(b) The minimum amount that may be allocated to each qualifying organization from thestate fund is $2,500.
(3) After the division determines that a qualifying organization is eligible to receivemoney from the state fund and before any money is allocated to the qualifying organization fromthe state fund, the qualifying organization shall match the amount qualified for by money raisedand designated exclusively for that purpose. State money and in-kind contributions may not beused to match money from the state fund.
(4) Endowment match money 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 bythe board.
(b) Money from the state fund shall be released to the qualifying organization only uponverification by the division that the matching money has been received on or before the datedetermined under Subsection (5)(a). Verification of matching funds shall be made by a certifiedpublic accountant.
(c) Money from the state fund shall be released to qualifying organizations withprofessional endowment management in increments not less than $2,500 as audited confirmationof matching funds is received by the board.
(d) Money from the state fund shall be granted to each qualifying organization on thebasis of the matching funds it has raised by the date determined under Subsection (5)(a).

Amended by Chapter 324, 2010 General Session