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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 C...
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