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