Name of Cultural Fund Oregon Cultural Trust Year Authorized 1999 View the enabling legislation and the amendment authorizing the state arts agency's management role. Purpose of Fund The purpose of the Trust is to:

• increase overall support for culture through incentives for new funds;
• "advance, preserve or stabilize cultural resources";
• help build cultural participation;
• "expand public awareness of, quality of, access to and use of culture in Oregon."

Total Funding Goal $200 million Funding Sources Legislation states three funding sources for the Trust:

• A tax credit for direct contributions (up to $500 for individuals, $1,000 for married couples, $2,500 for corporations)
• Proceeds from the sale of surplus public properties
• Revenue from a special culture license plate

Note that after initial funding, no further income has been derived from the sale of public properties. Special Taxes or Legislation In 2001, HB 2923 contained an appropriation of $100,000 to the secretary of state's office to implement the Trust. An additional appropriation of $1 million was approved. Currently, the Trust receives about $30,000 per month from license plate revenue. The cultural trust tax credits end December 31, 2012, and are currently under review by the state (along with all other tax credits). Current Principal Amount $15.4 million Financial Management The finances of the Trust are managed in the State Treasury. An 11-member board oversees the direction of the Trust. How Funds Will Be Distributed For each dollar received, $0.58 remains in the Trust as principal and $0.42 is distributed immediately. Of the amount distributed, 7.5% is set aside for administration. The remaining 92.5% is distributed as:

• 1/3 to the 45 county and tribal cultural coalitions
• 1/3 to the five statewide cultural agencies
• 1/3 to competitive matching grants

State Arts Agency Role The state arts agency plays a large role in the administration of the Trust. In fiscal year 2003, the state arts agency gained administrative control of the Trust per legislative directive. Partners Statewide cultural agencies: Oregon Historical Society, Oregon Heritage Commission, Oregon Humanities and State Historic Preservation Office Other Notes and Comments The Trust was hit by the economic recession, and interest is down by an average of 12%. Recently, the state swept $1.8 million from the principal. Many thanks to Oregon Arts Commission Assistant Director Shannon Planchon for providing this information. Updated May 2011 by Elizabeth Bentley-Smith