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1997 SESSION

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HB 642 Educational and Cultural Entities Fund; created.

Introduced by: A. Victor Thomas | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Educational and Cultural Entities Fund. Establishes the Virginia Educational and Cultural Entities Fund, to be administered by the Department of Planning and Budget at the direction of the General Assembly. Comprised of 10 percent of the Commonwealth's annual interest earnings credited to the general fund, gifts, and other moneys, the Fund supplies grants for operating costs, special projects, and reserve funds for certain nonstate educational and cultural entities specified in the Code and others as may be designated in the appropriation act. Amounts of sums awarded from the Fund will be designated in the budget. Recipients must certify annually as to the proper application of Fund appropriations; no matching funds are required for a Fund grant. Nonstate educational or cultural entities are defined as those nonstate institutions, museums, foundations, zoos, performing arts organizations, or other organizations that are educational or esthetic in purpose, have professional staff, own and exhibit tangible objects (or, in the case of foundations, those whose exclusive mission is the funding of nonprofit exhibiting museums or cultural organizations) and that are not units of state or local government.

This measure is a recommendation of the HJR 430 Joint Subcommittee Studying Educational Museums and the Appropriate Level of Public Support to be Provided Such Institutions.


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