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Nebraska Arts Council reports record endowment distributions, details CPF limits and stability fund
Summary
The Nebraska Arts Council said earnings pushed Cultural Preservation Endowment distributions past $1 million this year while a 6.25% policy limit caps annual payout; funds above the cap will be banked in a stability fund and the council will report allocations in March.
The Nebraska Arts Council on a year-end financial update said earnings have allowed the agency to draw down additional Cultural Preservation Endowment (CPF) earnings, producing what staff described as the largest distribution to date.
Maggie Smith, speaking for the Nebraska Cultural Endowment, told the council that distributions this year exceeded $1 million, saying, "I think it's the first time that we've gone over a million total distribution." She explained the endowment…
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