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CAF - (1) Approval of Financial Reports of the Cultural Affairs Foundation for FY 2016-2017 to June 30, 2017 and for FY 2017-2018 to December 31, 2017; (2) Approval of the Schedule of Disbursements for FY 2016-2017 to June 30, 2017 and for FY 2017-2018 to December 31, 2017; and, (3) Consideration of a Motion Approving the Transmittal of $13,425.00 in Sponsorship Money Received in Support of the 2017 Culver City Summer Concert Series.
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Meeting Date: January 25, 2018
Contact Person/Dept: B. Christine Byers/Administrative Services - Cultural Affairs
Phone Number: (310) 253-6003
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [X] Attachments: []
Public Notification: Meetings and Agendas - Cultural Affairs (01/22/18)
Department Approval: Serena Wright-Black, Administrative Services Director (01/22/18)
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RECOMMENDATION
Staff recommends that the Cultural Affairs Foundation Board (Board): (1) receive and file the financial information presented for FY 2016-2017 to June 30, 2017 and for FY 2017-2018 to December 31, 2017 and approve the transmittal of $13,425.00 in sponsorship money to the City that was received in support of the 2017 Culver City Summer Concert Series.
BACKGROUND/DISCUSSION
Financial Reports and Schedule of Disbursements: Staff presents financial statements for review and approval by the Board at each of the Regular meetings of the Board. The financial statements for FY 2016-2017 through June 30, 2017 and for FY 2017-2018 to December 31, 2017, including a schedule of disbursements, will be presented at the meeting.
Transmittal of Funds to the City: Article II, Section 4 of the Cultural Affairs Foundation’s Bylaws (Bylaws) provide the following:
“Whenever the Foundation receives any money, in cash, check or otherwise, it shall, as soon as possible, disburse that money to the City for use by the City, as determined appropriate by the majority of the members of the City Council of Culver City (the “City Council”), for the City’s cultural affairs programs, including the administration of such programs and the operation of the Foundation. Whenever the Foundation receives any other asset, it shall, as soon as possible, convey ownership and possession of that asset to the City for use and disposition by the City, as determined appropriate by a majority of the members of the City Council for the City’s cultural affairs programs, including the administration of such programs and the operation of the Foundation.”
As was the case for the 2016 Culver City Summer Concert Series (Concert Series), donations for the 2017 Concert Series were payable to the Culver City Cultural Affairs Foundation so that sponsors could take advantage of any eligible tax benefits from their contribution. The Foundation is in receipt of $13,425.00 in funds that were donated to the Foundation for the Concert Series.
FISCAL ANALYSIS
Financial Reports and Schedule of Disbursements: There is no additional fiscal impact to what is included in the financial reports and schedule of disbursements for FY 2016-2017or for FY 2017-2018 to December 31, 2017.
Transmittal of Funds to the City: This proposed action would authorize the transfer of $13,425.00 in designated funds from the Foundation to the City and would help off-set costs associated with the 2017 Concert Series paid for out of the General Fund.
ATTACHMENTS
None - Staff will make a presentation and distribute the financial reports, schedule of disbursements, and 2017 Summer Concert Series Sponsorship information at the meeting.
MOTION
That the Cultural Affairs Foundation Board:
1. Approve the financial information for Fiscal Year 2016-2017 to June 30, 2017 and for Fiscal Year 2017-2018 to December 31, 2017; and,
2. Approve the Schedule of Disbursements for Fiscal Year 2016-2017 to June 30, 2017 and for Fiscal Year 2017-2018 to December 31, 2017; and,
3. Adopt a motion approving the transmittal of $13,425.00 in funds to the City to support the 2017 Culver City Summer Concert Series.