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Findlay City finance committee backs Downtown Recreation Fund, recommends $10,000 seed
Summary
The Findlay City Finance Committee recommended that the city enter into an agreement with the Community Foundation to establish a Downtown Recreation Fund and appropriate $10,000 as seed money; the motion was seconded and approved by voice vote.
The Findlay City Finance Committee on Wednesday recommended approval of an agreement with the Community Foundation to establish a Downtown Recreation Fund and recommended appropriating $10,000 as initial seed money.
Committee members heard from a staff member who presented the Community Foundation's standard agency-type fund agreement and said the foundation would provide tax documentation for donors, online donation and recurring-donation capability, and endowment and fund management services. "It is a pretty basic agreement," the staff member said, adding that the foundation provided the draft in May and that city legal review occurred ("Feidner reviewed it").
The staff member said the proposed Downtown Recreation Fund would be structured as a drawdown account: the city would request funds when…
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