Arts and Cultural Affairs - New York State Cultural Resources Act - New York State Cultural Resources Act - Resources of a trust

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§ 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.