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Program Description The New Jersey Cultural Trust Institutional and Financial Stabilization Program was established to assist qualified cultural organizations address financial and operational challenges that threaten their stability and to help them build greater operational capacity to manage and advance their work and achieve their missions.Grant Timelines and Award Dates Arts Institutional and Financial Stabilization Grants
Application deadline: January 23, 2008.
History and Humanities Financial Stabilization Grants
Application deadline: February 28, 2008.
Awarded: expected to be made in October 2008
Workshops for FY09 Grants2006 Grantees Institutional and Financial Stabilization Program 2006 GranteesProcedures The Cultural Trust Act specifies that the New Jersey State Council on the Arts and the New Jersey Historical Commission will design and administer programs that recommend projects to the Cultural Trust for Institutional and Financial Stabilization for arts, history and humanities organizations.
Funding for the program is available from the interest earned on the investment of the Cultural Trust Fund.
Organizations must be designated “qualified” by the New Jersey Cultural Trust in order to be eligible to apply for grants from the Cultural Trust.
Annually the recommending agencies will establish and publish guidelines and criteria for the grant program.
Eligible applicants must submit a complete application according to the published grant guidelines.
Applications will be reviewed, evaluated and ranked by independent panels of qualified persons, employing uniform evaluation criteria.
Recommendations will be forwarded from the agencies to the Cultural Trust for consideration.
The Cultural Trust board will approve or reject the recommendations and administer the grant.Compliance Procedures and suggested Audit Procedures A. TYPES OF SERVICES ALLOWED OR UNALLOWED
See provision of contract agreement.
Suggested Audit Procedures:
Review contract for allowable Program activities and expenditures.
Perform appropriate sampling of expenditures and related records.
Review interim and final performance and expenditure reports submitted to Cultural Trust and confirm accuracy.
B. ELIGIBILITY
Eligibility is limited to organizations that have been designated qualified by the New Jersey Cultural Trust.
Eligibility is also limited according to the established guidelines of the recommending agencies.
Suggested Audit Procedures:
Verify that grantee organization maintains primary mission of arts, history, or humanities, is current with Charities Registration and its Annual Report filing with the NJ Division of Revenue in the Department of, Treasury, and has properly filed the annual federal tax forms.
C. MATCHING, LEVEL OF EFFORT, AND/OR EARMARKING REQUIREMENTS
Compliance requirement:
See provisions of grant agreement.
Suggested Audit Procedures:
Review contract and application guidelines for allowable program activities.
Review the expenditure reports to determine the required matching percent, if match is required.
D. REPORTING REQUIREMENTS
Compliance requirement:
Interim and Final Performance and Financial reports are due as defined in the grant agreement.
Suggested Audit Procedures:
Review financial and performance reports for completeness.
Test accuracy of reports.
Determine that reports were submitted on a timely basis.
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