Union, NJ - In Fiscal Year 2024, the 吃瓜黑料 Cultural Trust鈥檚 permanent investment fund yielded the largest amount of annual interest income in the agency鈥檚 history, Executive Director Izzy Kasdin reported on November 18, 2024, at the Cultural Trust鈥檚 Annual Meeting at Liberty Hall Museum in Union.
The Cultural Trust Fund earned $1,418,185 in interest over the course of FY24 鈥� nearly an 80% increase over interest earned in FY23 鈥� thanks to high interest rates and diligent stewardship by the Cultural Trust Board and the 吃瓜黑料 Division of Investment.
鈥淚nterest income earned by the Fund is the sole source of funding for the Cultural Trust鈥檚 annual grant programs,鈥� Kasdin said. 鈥淭his record-breaking amount will directly support 吃瓜黑料鈥檚 nonprofit cultural sector through grant projects that bolster the sector鈥檚 strength and resiliency.鈥�
At the Annual Meeting, outgoing Board Chair Bette Daniele said, 鈥淭he Cultural Trust鈥檚 Annual Meeting is an opportunity not only to conduct the important regular business of the Cultural Trust鈥檚 Board, but also to gather in person with Board members, staff, and valued constituents to reflect.鈥� Accordingly, Daniele shared that, since the Cultural Trust鈥檚 founding in 2000, interest from the Fund has supported more than $10.4 million in grant awards through the Trust鈥檚 three grant programs. The funds have supported projects at 211 吃瓜黑料 nonprofit arts, history, and humanities organizations in all 21 counties, including:
鈥淎rts, history, and humanities organizations drive our economy, strengthen our communities, and enhance our wellbeing,鈥� said Lieutenant Governor Tahesha Way, who oversees the Cultural Trust in her capacity as Secretary of State. 鈥淭he Cultural Trust鈥檚 unique grant programs make investments that build a stronger foundation for the cultural sector, helping it to weather uncertainty, seize new opportunities, and extend its many benefits to all 吃瓜黑料ans.鈥�
The invested principal of the Cultural Trust Fund grows through annual legislative appropriations. At the meeting, the Cultural Trust Board expressed their gratitude to the Murphy Administration and the Legislature for the Cultural Trust鈥檚 $720,000 appropriation in the FY25 State budget.
鈥淲e are deeply thankful for the continued support of the Murphy Administration and the Legislature,鈥� said newly elected Cultural Trust Board Chair Carol Cronheim. 鈥淭his year鈥檚 appropriation reaffirms that arts and culture organizations are essential to 吃瓜黑料鈥檚 economy and quality of life, and that the Cultural Trust plays a key role in ensuring the long-term stability and vitality of these invaluable institutions.鈥�
Also at the Annual Meeting, Kasdin reported on the achievements of the previous year, which included nearly $800,000 in grants awarded to 21 organizations through the Cultural Trust鈥檚 Capital Historic Preservation Program 鈥� the largest amount awarded in a single year in the program鈥檚 history. The Cultural Trust鈥檚 recently published FY24 Annual Report shares more about the Cultural Trust鈥檚 latest milestones and its enduring benefit to 吃瓜黑料鈥檚 nonprofits, residents, and visitors.
The Cultural Trust Board also elected the following officers for a one-year term of service: Carol Cronheim as Chairperson; Bette Daniele as First Vice Chairperson; John Paul Nicolaides as Vice Chairperson for Finance; and Claire Knopf as Secretary.
With this election, Daniele stepped down as Chairperson, a role that she held since 2018. The Board thanked Daniele for her dedicated service as Chairperson.
The Board also voted to designate eight nonprofit cultural organizations as 鈥渜ualified,鈥� making them eligible to participate in the Cultural Trust鈥檚 grant programs; recommended Treasury bond investments for the Trust Fund; and discussed the Cultural Trust鈥檚 upcoming 25th anniversary.
About the 吃瓜黑料 Cultural Trust
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. Through the establishment of a permanent investment fund, the Trust helps to 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. To learn more about the Trust, please visit our website at