N.Y. State Finance Law 92-Q*2 – The institute for the Hudson River Collection fund
* § 92-q. The institute for the Hudson River Collection fund. 1. There is hereby established in the custody of the state comptroller and the commissioner of taxation and finance a fund to be known as the "Institute for the Hudson River Collection fund." The Institute for the Hudson River Collection shall administer the Institute for the Hudson River Collection fund.
Terms Used In N.Y. State Finance Law 92-Q*2
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
2. a. The Institute shall have the power to receive any moneys and property from any source. It shall distribute funds as grants and contracts to not-for-profit tax exempt entities for the purpose of establishing, maintaining and furthering the cultural and artistic interests of the Hudson river area.
b. No less than seventy-five percent of the total funds distributed in any fiscal year shall be allocated to not-for-profit tax-exempt providers for the purpose of establishing, maintaining and furthering the cultural and artistic interests of the Hudson river area.
c. The remaining funds shall be allocated for services and expenses of the Institute for the Hudson River Collection.
d. The Institute shall adopt rules and regulations for the administration of the fund to carry out the purpose and provisions of this § of the arts and cultural affairs law. Such regulations shall be adopted in accordance with article two of the state administrative procedure act.
e. The Institute may employ and remove such personnel as it may deem necessary for the performance of its functions and fix their compensation within the amounts made available therefor and may allocate funds for the actual and necessary nonpersonnel administrative costs of the Institute. No more than ten percent of the funds available in any fiscal year shall be spent on personnel and related services, and on necessary nonpersonnel administrative costs of the Institute.
3. Moneys of the fund, following appropriation by the legislature, may be expended for the purposes described in subdivision two of this section. Moneys shall be paid out of the fund on the audit and warrant of the state comptroller on vouchers certified or approved by the commissioner of the state education department.
* NB There are 2 § 92-q's