In Fiscal Year 2024, the New Jersey Cultural Trust reported its highest-ever annual interest income from its permanent investment fund. Executive Director Izzy Kasdin announced this milestone on November 18, 2024, during the Trust's Annual Meeting at Liberty Hall Museum in Union.
The Cultural Trust Fund earned $1,418,185 in interest for FY24, marking a nearly 80% increase over the previous fiscal year. This growth was attributed to high interest rates and careful management by the Cultural Trust Board and the New Jersey Division of Investment.
Kasdin emphasized that "interest income earned by the Fund is the sole source of funding for the Cultural Trust’s annual grant programs." She added that this record amount would support nonprofit cultural organizations in New Jersey through various grant projects aimed at strengthening the sector.
Outgoing Board Chair Bette Daniele highlighted that since its inception in 2000, the Fund has facilitated over $10.4 million in grants across New Jersey's arts, history, and humanities sectors. These grants have benefited organizations across all 21 counties through cash reserves, capital improvements, strategic planning, staff positions, and technology upgrades.
Lieutenant Governor Tahesha Way stated that "arts, history, and humanities organizations drive our economy" and praised the Cultural Trust's unique grant programs for their role in building a robust cultural sector.
The meeting also acknowledged a $720,000 appropriation from the FY25 State budget. Newly elected Board Chair Carol Cronheim expressed gratitude for this support from both the Murphy Administration and Legislature.
Additionally, Kasdin noted achievements such as awarding nearly $800,000 in grants to 21 organizations through a historic preservation program—the largest single-year amount awarded by this initiative.
The Board elected new officers: Carol Cronheim as Chairperson; Bette Daniele as First Vice Chairperson; John Paul Nicolaides as Vice Chairperson for Finance; and Claire Knopf as Secretary. The meeting concluded with discussions on future plans including recommendations for Treasury bond investments and preparations for the Cultural Trust's upcoming 25th anniversary celebration.
