Name of Cultural Fund Mississippi Endowment for the Arts Fund Year Authorized 2006 Notes about the Status of the Fund The fund is presently inactive. Fundraising began at the start of the recession and the board chose to suspend its efforts. Purpose of Fund To support the mission of the Mississippi Arts Commission Note that the purpose of the fund is intentionally generic. Total Funding Goal $1 million Funding Sources Private funding sources Special Taxes or Legislation The state arts agency's enabling legislation allows it to receive tax credits. Current Principal Amount $200,000 Financial Management Principal is managed financially by the Community Foundation of Greater Jackson in cooperation with the state arts agency. The plan is to use about 4%-5% of interest earned each year. How Funds Will Be Distributed No funds have yet been distributed. A committee exists to determine how funds will be spent, advised by a grants panel process. State Arts Agency Role The state arts agency is the primary manager of the Endowment. Partners Community Foundation of Greater Jackson Other Notes and Comments The Endowment was founded as a reaction to Hurricane Katrina.   Many thanks to Mississippi Arts Commission Executive Director Malcolm White for providing this information. Updated May 2011 by Elizabeth Bentley-Smith