(1) There is created a public body corporate and politic, to be known as the “Wisconsin Artistic Endowment Foundation.” The foundation shall be a nonprofit corporation organized under ch. 181 so that contributions to it are deductible from adjusted gross income under section 170 of the Internal Revenue Code. (2) The board of directors of the foundation shall consist of the following persons: (a) Eight nominees of the governor, who are residents of this state, represent the diverse artistic interests of the people of this state, and represent each of the geographic regions of the state, appointed for 7-year terms with the advice and consent of the senate. At least one of the nominees shall be knowledgeable in marketing and fund raising. Each member appointed under this paragraph may hold office until a successor is appointed. (b) The chairperson of the arts board or the chairperson’s designee. (c) The executive secretary of the arts board, as a nonvoting member. (d) Two representatives to the assembly, one appointed by the speaker of the assembly and one appointed by the minority leader of the assembly. (e) Two senators, one appointed by the majority leader of the senate and one appointed by the minority leader of the senate. (3) The board of directors holds the powers of the foundation. The members of the board of directors shall annually elect a chairperson and may elect other officers as they consider appropriate. Seven voting members of the board of directors constitute a quorum for the purpose of conducting the business and exercising the powers of the foundation, notwithstanding the existence of any vacancy. The board of directors may take action upon a vote of a majority of the voting members present, unless the bylaws of the foundation require a larger number. (4) No member of the board of directors may receive compensation for performing his or her duties. Each member shall be reimbursed for actual and necessary expenses, including travel expenses, incurred in performing those duties.
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