(1) As used in this section, "fund" means the Cultural and Community Engagement Foundation Fund created in this section. (2) There is created an expendable special revenue fund known as the "Cultural and Community Engagement Foundation Fund." (3) The executive director shall administer the fund. (4) Money may be deposited into the fund from a variety of sources, including transfers, grants, private foundations, individual donors, gifts, bequests, legislative appropriations, and money made available from any other source. (5) Money collected by the Cultural and Community Engagement Foundation described in Subsections 9-1-201(3)(b) and (5) shall be deposited into the fund. (6) Any portion of the fund may be treated as an endowment fund such that the principal of that portion of the fund is held in perpetuity on behalf of the department. (7) The state treasurer shall invest the money in the fund according to the procedures and requirements of Title 51, Chapter 7, State Money Management Act, except that all interest or other earnings derived from those investments shall be deposited into the fund. (8) The executive director may expend money from the fund for any of the purposes described in this title.
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