N.Y. Arts and Cultural Affairs Law § 20.15: Resources of a trust

§ 20.15. Resources of a trust. 1. A trust may receive, accept, invest,

administer, expend and disburse for its corporate purposes, including

without limitation the operation and administration of the trust, any

revenues and monies made available or to be made available to it from

any or all sources, including gifts, grants, loans and payments from the

state, any county or municipality and the United States, and any agency

or instrumentality of any of them, and from any other person.

2. A trust shall keep separate books and records of account in

connection with each combined-use facility and each cultural facility

and shall not spend or commingle any monies received by it in connection

with such facility with any other monies received by it in connection

with any other facility; provided, however, the trust may charge each

such facility its costs of administration and operation allocable to

each such facility, and establish or maintain such reserves for the

payment of such costs as the trust deems necessary.

3. The comptroller of the state or his legally authorized

representative and the chief fiscal officer of the municipality or

county in which a trust shall develop or cause to be developed any

combined-use facility or a facility for a not-for-profit cultural

organization or any cultural facility or his legally authorized

representative shall be authorized from time to time to examine the

books and accounts of the trust including its receipts, disbursements,

contracts, reserves, investments, and any other matters relating to its

financial standing. Such an examination shall be conducted by each such

officer at least once in every three years; each such officer is

authorized, however, to accept from the trust, in lieu of such an

examination, an external examination of its books and accounts made by a

certified public accountant acceptable to such officer.