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Southborough tricentennial committee and Friends clarify who holds and approves event money
Summary
Committee members discussed a proposed funds-tracking process, the role of the Friends 501(c)(3) as fund holder, limits on committee authority and a $30,000 town appropriation; committee members were directed to work offline with Friends to refine the process.
Town of Southborough Tricentennial Committee members discussed how sponsorships and event payments should flow at their Sept. 10 meeting, settling on a process that keeps the Friends 501(c)(3) as the repository of private funds while the committee recommends event spending.
The discussion centered on who receives and signs sponsorship forms, who signs vendor contracts and what approvals are required. “The Friends is formed solely for the purpose of raising funds to support the tricentennial,” a Friends representative said, adding that the Friends hold and disburse donated money for tricentennial purposes.
The committee’s proposed tracking document — described by a committee member as a “tricentennial funds tracking process” — would record sponsors, funds committed or pledged, funds actually received, and funds…
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