AR SB402

Creates the Arkansas Cultural Institutions Trust Fund to provide grants for major capital improvement projects at 501(c)(3) nonprofit cultural institutions located in Arkansas that are open to the public and focused on art, artifacts, or works of cultural or historic significance.

Establishes an Arkansas Cultural Institutions Trust Fund Review Committee composed of the Director of the Division of Arkansas Heritage, Director of the Tourism Division, and Director of an accredited museum to evaluate grant applications beginning November 1, 2021.

Directs the review committee to evaluate applications based on estimated economic and tourism impact, availability of other funding sources, and overall project cost when making award recommendations.

Requires the Division of Arkansas Heritage to submit annual reports by June 30 to the Secretary of the Department of Parks, Heritage, and Tourism summarizing grants distributed and recommendations for furthering preservation and promotion of Arkansas's natural and cultural heritage.

The fund shall consist of grants, donations, transfers from any person or government agency, year-to-year carryforward balances, and any other funds authorized by law.