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Public organization at the Union of Artists of Ukraine, founded in 1940 as a branch of the Art Fund of the USSR. In 1958 it was reorganized into a republican organization as part of the Art Fund of the USSR. The governing body of the Art Fund of the Ukrainian SSR was the Board of the Union of Artists of the Ukrainian SSR.
The main tasks of the Foundation: assistance to the creative activity of artists, art critics, folk craftsmen and improvement of their material and living conditions. The Art Fund of the Ukrainian SSR had art production enterprises, art salons, houses of creativity.