Section 97-U. New York state theatre institute corporation fund

1. There is
  hereby  established  in  the custody of the commissioner of taxation and
  finance a special account to be known as the  "New  York  state  theatre
  institute corporation fund."
    2.  All  moneys  received  by  the  New  York  state theatre institute
  corporation reestablished pursuant to  article  nine  of  the  arts  and
  cultural  affairs  law  from  whatever source derived, including but not
  limited to revenues from theatrical productions,  educational  services,
  subleases, concessions, marketing of properties owned or licensed by the
  corporation,  and the sale of such properties, shall be deposited to the
  exclusive credit of such fund. Said moneys shall be  kept  separate  and
  shall  not  be  commingled  with  any other moneys in the custody of the
  commissioner of taxation and finance.
    3. The moneys in said account shall be  retained  by  the  corporation
  through  the  submission  of  a  business  plan  to  the commissioner of
  taxation  and  finance.  Thereafter  moneys  will  be  released  by  the
  commissioner  of  taxation and finance, to the corporation and deposited
  in a general interest-bearing account and  such  other  interest-bearing
  accounts  as  the  corporation may deem necessary for the transaction of
  its business and shall be paid out on checks signed by the treasurer  of
  the  corporation  or  such  other member of the board or employee as the
  corporation may authorize.
    4. All contributions of real or personal property  made  to  the  fund
  whether  by  gift,  devise  or  bequest  shall  qualify as deductions in
  computing the net taxable income of the donor for the  purposes  of  any
  income tax imposed by the state or any political subdivision thereof.
    5.  The  cash balances of the accounts in the name of the empire state
  youth theatre institute held by  the  state  university  at  Albany  are
  hereby  transferred  to the New York state theatre institute corporation
  fund. The state university at Albany is hereby directed to transfer such
  moneys belonging to the empire state youth theatre  institute  deposited
  in  an  income fund reimbursable account, the university at Albany fund,
  and the research foundation of the state university account. Such moneys
  shall be immediately available to the New York state  theatre  institute
  corporation  for  its expenses, including production, travel, operation,
  printing, leases, and other  necessary  expenses  in  carrying  out  the
  provisions of article nine of the arts and cultural affairs law.
    6.  All  monies  expended  for  the corporation shall be expended upon
  warrants filed with the commissioner of taxation and finance, subject to
  the pre-audit of the comptroller  pursuant  to  section  eight  of  this
  chapter.