Union, NJ - In Fiscal Year 2024, the New Jersey Cultural Trust’s permanent investment fund yielded the largest amount of annual interest income in the agency’s history, Executive Director Izzy Kasdin reported on November 18, 2024, at the Cultural Trust’s Annual Meeting at Liberty Hall Museum in Union.

The Cultural Trust Fund earned $1,418,185 in interest over the course of FY24 — nearly an 80% increase over interest earned in FY23 — thanks to high interest rates and diligent stewardship by the Cultural Trust Board and the New Jersey Division of Investment.

“Interest income earned by the Fund is the sole source of funding for the Cultural Trust’s annual grant programs,” Kasdin said. “This record-breaking amount will directly support New Jersey’s nonprofit cultural sector through grant projects that bolster the sector’s strength and resiliency.”

At the Annual Meeting, outgoing Board Chair Bette Daniele said, “The Cultural Trust’s Annual Meeting is an opportunity not only to conduct the important regular business of the Cultural Trust’s Board, but also to gather in person with Board members, staff, and valued constituents to reflect.” Accordingly, Daniele shared that, since the Cultural Trust’s founding in 2000, interest from the Fund has supported more than $10.4 million in grant awards through the Trust’s three grant programs. The funds have supported projects at 211 New Jersey nonprofit arts, history, and humanities organizations in all 21 counties, including:

• 43 cash reserves and working capital funds, totaling over $1.1 million, so that cultural organizations have more cash on hand to prepare for risks and opportunities.
• $3.2 million in capital improvements at 68 cultural facilities, improving the functionality and accessibility of cultural sites.
• The development of 117 strategic plans, addressing ways to improve operations, programs, fundraising, and more.
• 37 critical new staff positions, expanding nonprofits’ internal expertise and serving as proofs of concept for growth.
• Technology upgrades worth over $1.2 million at 48 organizations to enhance the effectiveness of operations, sales, and fundraising, including the development of 22 new websites.

“Arts, history, and humanities organizations drive our economy, strengthen our communities, and enhance our wellbeing,” said Lieutenant Governor Tahesha Way, who oversees the Cultural Trust in her capacity as Secretary of State. “The Cultural Trust’s unique grant programs make investments that build a stronger foundation for the cultural sector, helping it to weather uncertainty, seize new opportunities, and extend its many benefits to all New Jerseyans.”

The invested principal of the Cultural Trust Fund grows through annual legislative appropriations. At the meeting, the Cultural Trust Board expressed their gratitude to the Murphy Administration and the Legislature for the Cultural Trust’s $720,000 appropriation in the FY25 State budget.

“We are deeply thankful for the continued support of the Murphy Administration and the Legislature,” said newly elected Cultural Trust Board Chair Carol Cronheim. “This year’s appropriation reaffirms that arts and culture organizations are essential to New Jersey’s economy and quality of life, and that the Cultural Trust plays a key role in ensuring the long-term stability and vitality of these invaluable institutions.”

Also at the Annual Meeting, Kasdin reported on the achievements of the previous year, which included nearly $800,000 in grants awarded to 21 organizations through the Cultural Trust’s Capital Historic Preservation Program — the largest amount awarded in a single year in the program’s history. The Cultural Trust’s recently published FY24 Annual Report shares more about the Cultural Trust’s latest milestones and its enduring benefit to New Jersey’s nonprofits, residents, and visitors.

The Cultural Trust Board also elected the following officers for a one-year term of service: Carol Cronheim as Chairperson; Bette Daniele as First Vice Chairperson; John Paul Nicolaides as Vice Chairperson for Finance; and Claire Knopf as Secretary.

With this election, Daniele stepped down as Chairperson, a role that she held since 2018. The Board thanked Daniele for her dedicated service as Chairperson.

The Board also voted to designate eight nonprofit cultural organizations as “qualified,” making them eligible to participate in the Cultural Trust’s grant programs; recommended Treasury bond investments for the Trust Fund; and discussed the Cultural Trust’s upcoming 25th anniversary.

About the New Jersey Cultural Trust
The New Jersey Cultural Trust, a division of the New Jersey Department of State, was created in July 2000 as a public/private partnership. Through the establishment of a permanent investment fund, the Trust helps to ensure a stable and healthy nonprofit cultural industry in New Jersey that is sustainable even in the toughest of economic times. The Trust provides grants to support capital projects, endowments, and institutional and financial stabilization of arts, history, and humanities organizations in New Jersey. To learn more about the Trust, please visit our website at nj.gov/state/culturaltrust/