Name of Cultural Fund
Puerto Rican Fund for the Financing of Cultural Work

Year Authorized
1989 (calendar year)

Purpose of Fund
The fund was established to promote the arts and humanities in Puerto Rico.

Planned Funding Sources
State legislature: $ 701,342

Special Taxes or Legislation Involved
Funding for the fund may also be realized from individual donations (law #115, passed July 20, 1988). However, this option has not yet been realized.

Total Principal Secured to Date
Not currently available.

Interest Earned on Principal
$ 136,558

Dollars Disbursed to Date
$386,084 distributed in FY98
$2,037,385 distributed in previous years

Financial Management
The principal is housed in the Puerto Rican Government Bank. Twenty five percent of the yearly legislative appropriation to this fund is also added to its principal.

How Funds Will Be Distributed
Funds are available through grants to individual artists and non-profit arts organizations, funds are also available for the purchase of artwork. The state legislature provides an annual appropriation to this fund which is divided as follows: 75 percent distributed through the fund’s grant program, five percent to the IPC to cover administrative costs, and 20 percent added to the fund’s principal.

SAA Role
The Institute of Puerto Rican Culture (IPC) provides administrative support for the fund and acts in an advisory capacity to the fund council on grantee eligibility, peer panel reviews, and final reporting requirements. The IPC also processes grantee checks. The Puerto Rican Fund is operated as an autonomous entity within the Institute of Puerto Rican Culture.

Many thanks to Magda Garcia Lopez, support for the arts officer at the Institute of Puerto Rican Culture, for her efforts in making this information available to other state arts agencies and to NASAA.

Updated April 2004