Section 20.15. Resources of a trust  


Latest version.
  • 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.