Trenton, NJ - The financial outlook for the 吃瓜黑料 Cultural Trust is the strongest it has been in over a decade, Board members and staff said November 15, 2023, at the Cultural Trust鈥檚 Annual Meeting in Trenton.
In Fiscal Year 2024, the Cultural Trust received a $2,189,000 appropriation 鈥� its largest since Fiscal Year 2003. This historic investment reflects the commitment of the Murphy Administration and the Legislature to arts and culture as an essential industry in 吃瓜黑料, and their recognition of the important role the Cultural Trust plays in maintaining the long-term stability and vitality of that industry.
鈥淎rts and culture are key to our quality of life, and the Cultural Trust strengthens our state鈥檚 arts and culture infrastructure,鈥� said Lieutenant Governor Tahesha Way, who oversees the Cultural Trust in her capacity as Secretary of State. 鈥湷怨虾诹� is fortunate to have the Cultural Trust鈥檚 unique grant programs, which provide crucial behind-the-scenes support through long-term investments like cash reserves, strategic plans, and technology upgrades. These grants ensure that our cherished cultural organizations continue to survive and thrive for many years to come.鈥�
The Fiscal Year 2024 appropriation empowered the Cultural Trust Board to vote at the Annual Meeting to fulfill all existing obligations to 吃瓜黑料 cultural nonprofits that are owed matching payments to their endowments through the Cultural Trust鈥檚 Certified Donation program. In addition to these payments, the appropriation will result in the largest addition to the principal of the Cultural Trust鈥檚 permanent investment fund in two decades.
Additionally, strong interest rates and diligent stewardship of the Trust鈥檚 permanent fund by the Board and the 吃瓜黑料 Division of Investment yielded interest earnings of $791,800 in Fiscal Year 2023, Cultural Trust Executive Director Izzy Kasdin shared at the Annual Meeting. This amount is triple the previous year鈥檚 interest income and represents the most interest earned in a single fiscal year since 2010.
This growth directly affects the Cultural Trust鈥檚 grant programs, which are funded by the Trust鈥檚 interest income.
鈥淭he Cultural Trust鈥檚 grant programs fund many important projects that aren鈥檛 eligible for funding through other state agencies,鈥� Cultural Trust Board Chair Bette Daniele said. 鈥淚t鈥檚 thrilling to see our interest income grow, because that means our grantmaking capacity is growing as well 鈥� and more capacity means we can do even more to meet the critical stabilization needs of 吃瓜黑料鈥檚 arts, history, and humanities organizations.鈥�
Also at the Annual Meeting, the Cultural Trust Board re-elected officers for a one-year term of service: Bette Daniele as Chairperson; Carol Cronheim as First Vice Chairperson; John Paul Nicolaides as Vice Chairperson for Finance; and Jill Morton as Secretary.
Executive Director Izzy Kasdin reported on the achievements of the previous year, which included over $540,000 in grants awarded to 16 arts organizations. 鈥淭he growth of our team and the reinstatement of our administrative budget have also allowed us to make incredible strides,鈥� she said. 鈥淭he Cultural Trust鈥檚 staff is working to increase our outreach and broaden access to our grants, improve our grant workflows and expand technical assistance, collaborate effectively with our partner agencies, and proactively engage with and support the needs of the cultural sector.鈥�
The Board also voted to designate two nonprofit cultural organizations as 鈥渜ualified,鈥� making them eligible to participate in the Cultural Trust鈥檚 grant programs; created a Public Value Committee to coordinate the Cultural Trust鈥檚 public outreach, messaging, and communications strategy; recommended Treasury bond investments; and authorized the Cultural Trust鈥檚 Fiscal Year 2025 grant round, for which the 吃瓜黑料 State Council on the Arts will serve as the recommending agency.
The 吃瓜黑料 Cultural Trust, a division of the 吃瓜黑料 Department of State, was created in July 2000 as a public/private partnership to help ensure a stable and healthy nonprofit cultural industry in 吃瓜黑料 that is sustainable even in the toughest of economic times. The Trust provides grants to support capital projects, endowments and institutional and financial stabilization of arts, history and humanities organizations in 吃瓜黑料. Funding for the grants comes from interest earned on the Cultural Trust Fund, which is a permanent investment fund. To learn more about the Trust, please visit our website at .