(1) There is created an expendable special revenue fund known as the "Utah Arts Endowment Fund."
(2) The state fund shall be administered by the board in accordance with applicable law.
(3) Any administrative costs incurred by the board shall be reviewed by the appropriate appropriations committee of the Legislature.
(4) The state fund shall contain all money appropriated to it by the Legislature, all federal funds received for purposes of this part, plus interest and other income earned on them.
(5) The purpose of the state fund is to provide money to qualifying arts organizations to enable them to create their own arts endowment funds and to the board to administer the state fund.
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