New Jersey Cultural Trust Marks 25 Years of Investment in New Jersey’s Nonprofit Cultural Sector

TRENTON, NJ - The New Jersey Cultural Trust Board of Trustees gathered on May 18 in Trenton for a special meeting marking the agency's 25th anniversary. The Board was joined by grantees, partner agencies, policymakers, former Trust Board and staff members, and members of the public for a program celebrating a quarter century of support for New Jersey's nonprofit arts, history, and humanities organizations. Over its lifetime, the Cultural Trust has invested over $20.3 million in the long-term stability and capacity of 231 cultural nonprofits across all 21 counties in New Jersey.

"The Cultural Trust makes it possible for organizations to focus on what they do best," Lieutenant Governor Dale G. Caldwell said in recorded remarks presented at the event at Thomas Edison State University. "Cultural institutions partner with our schools, enhancing curriculum for our students and improving quality of life for everyone, letting us explore new ways of thinking, bringing us joy and a deeper understanding of our humanity." The Lieutenant Governor serves as an ex officio member of the Cultural Trust Board of Trustees in his capacity as New Jersey's Secretary of State.

During the proceedings, Assistant Secretary of State Adel Wilson presented Cultural Trust Board Chair Carol Cronheim with a proclamation from Governor Mikie Sherrill and Lieutenant Governor Caldwell recognizing the Trust's 25th anniversary and congratulating its Board members, staff, grantees, and constituents for their contributions to New Jersey.

"It is hard to believe I am speaking before you all on the 25th anniversary of the formation of the Cultural Trust, having been part of those very first Cultural Trust meetings as a member of the original board," Cronheim said. "The excitement and energy of that moment 25 years ago was so powerful - we knew we were creating something brand new and special for New Jersey's arts, history, and humanities communities, and the past 25 years have only further underscored how needed the Cultural Trust was."

Programming featured a special anniversary video about the Trust's history and impact, a video message from Barbara Moran, the Trust's first executive director, and guest speakers who were involved in the creation of the Cultural Trust. Speakers included David Miller, former executive director of the New Jersey State Council on the Arts, former Congressman Leonard Lance, lead Assembly sponsor of the New Jersey Cultural Trust Act, and Ann Marie Miller, who served as executive director of ArtPride New Jersey at the time of the Cultural Trust's creation. The speakers discussed the agency's innovative design, the needs in the field that prompted its creation, and what the next 25 years may hold. They also remembered in particular how the deeply collaborative work between the public and private sectors, as well as between the different disciplines of New Jersey's cultural sector, laid the groundwork for the Trust.

Established by law in 2000, the Cultural Trust was designed as an additional and specialized source of funding for New Jersey's cultural nonprofits. The Trust partners with the New Jersey State Council on the Arts, New Jersey Historical Commission, and New Jersey Historic Trust to offer annual grant programs that supplement the support provided by these other cultural affairs agencies. These programs have funded $3.2 million in capital facilities projects at 68 cultural facilities, and $9.2 million in institutional and financial stabilization projects at 208 organizations. These critical capital and infrastructure investments include many projects that are often not eligible for funding by other state agencies or private foundations, such as cash reserves, working capital funds, recovery capital, strategic planning and assessment, staff and board development, new staff positions, technology upgrades, and capital equipment purchases.

During the program, past Cultural Trust grantees also spoke about the impact of their grant-funded projects and the value of the Cultural Trust to the nonprofit cultural sector.

"We're so fortunate in New Jersey, and the Trust is a great example of that," said John McEwen, executive director of the New Jersey Theatre Alliance. "The power of collaboration in our state and in our arts community is so amazing. This program has uplifted what it means to break down silos, work together, and believe that your success is success for everyone."

The Cultural Trust's design as a public-private partnership also strengthens organizations by incentivizing the growth of their endowments. Within the Trust's funding mechanism, the Trust certifies private gifts to the endowments of nonprofit cultural organizations, which triggers the release of equivalent State funds into the Cultural Trust's permanent investment fund. The Trust provides a 20 percent matching grant back to the nonprofit organization for each certified large gift using a portion of the released State funds. Through this endowment-building mechanism over 25 years, the Cultural Trust has helped to generate an estimated more than $70 million in additional income for cultural nonprofits through the nonprofits' ongoing investment of certified private gifts to their endowments and matching State dollars from the Cultural Trust. Within this structure, the Trust leverages private support to build the principal of the Trust's own investment fund, which generates interest to fund grant programs for organizations of all sizes in perpetuity, outside of the State's annual budget process.

"We received a $100,000 grant, which helped us raise over half a million dollars," explained Rhonda DiMascio, executive director of Morven Museum & Garden, as part of the special 25th anniversary video screened at the event. "This makes a huge impact. Having an endowment for a historic site is so important for its long-term sustainability but also for the growth of the organization, too, and the development of its staff."

More information about the Cultural Trust and its support for the health and stability of New Jersey's nonprofit cultural sector over the past 25 years is available on the Cultural Trust's website: https://nj.gov/state/culturaltrust/ct-trust-information.shtml.

Information about the Cultural Trust's current open grant program, Institutional and Financial Stabilization Grants for Arts Organizations, is also available on the Trust's website: https://nj.gov/state/culturaltrust/ct-grant-opportunities.shtml.

About the New Jersey Cultural Trust
The New Jersey Cultural Trust, an authority in but not of the New Jersey Department of State, was created in July 2000 as a public/private partnership to help 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. Funding for the grants comes from interest earned on the Cultural Trust Fund, which is a permanent investment fund. To learn more about the Trust, please visit our website at nj.gov/state/culturaltrust.