KRS 153.180: Kentucky Foundation for the Arts -- Purpose -- Funding -- Board of

trustees -- Support staff -- Annual report.

(1) There is hereby established a nonprofit foundation to be known as the

Kentucky Foundation for the Arts. The purpose of the foundation shall be to

enhance the stability of Kentucky's arts organizations and to ensure

Kentuckians have access to the arts through the support of an endowment

fund.

(2) Funding for the foundation shall be obtained through state appropriations, gifts,

grants, and any other funds from the public and private sectors. The foundation

board shall have the authority to solicit, accept, and receive contributions from

the public and private sectors to match public funding. Moneys in the

foundation fund shall not lapse to the general fund at the end of the fiscal year.

Moneys in the foundation fund shall be invested by the Office of Financial

Management established in KRS 42.0201 consistent with the provisions of

KRS Chapter 42, and interest income earned shall be credited to the

foundation fund. The foundation board may use the investment income for the

purpose of awarding matching grants to nonprofit arts organizations to carry

out the following programs:

(a) The Performing Arts and Visual Arts Touring Subsidy Program shall

support tours and exhibitions for the education and enjoyment of

audiences throughout the state; and

(b) The Institutional Stabilization Program shall provide operating funds to

achieve short-term or long-term stability of arts organizations.

(3) The foundation shall be governed by a board of trustees consisting of six (6)

members appointed by the Governor on recommendations from the Kentucky

Arts Council. For the initial appointments, the Governor shall appoint two (2)

members to serve two (2) year terms; two (2) members to serve three (3) year

terms; and two (2) members to serve four (4) year terms. Thereafter, the

Governor shall make all appointments for a term of four (4) years. The board

shall elect by majority vote a chair and other officers deemed necessary. Board

members shall not receive any compensation for their services, but may be

reimbursed in accordance with the provisions of KRS 49.040 and 45.101 for

actual and necessary expenses incurred in the performance of their duties.

(4) The foundation board shall perform duties and responsibilities deemed

necessary to fulfill the purposes of this section. The foundation board shall

establish by administrative regulation procedures for administration of the

foundation, eligibility criteria for the award of grants, appropriate matching

contributions from grant recipients, and evaluation and reporting requirements.

(5) The foundation shall be attached to the Office of the Secretary of the Tourism,

Arts and Heritage Cabinet for administrative purposes only. The Kentucky Arts

Council shall provide to the foundation by agreement staff support and office

facilities for which reasonable charges and fees may be levied against the

foundation fund.

(6) The foundation board shall submit an annual report to the Governor and the

Legislative Research Commission listing the sources of funds acquired and

expended.