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Allegany County to accept assets from dissolving animal-shelter foundation; amount not finalized
Summary
The commission approved an assignment-and-assumption agreement to receive assets from the Allegany County Animal Shelter Foundation as the nonprofit winds up; staff said the asset total is not final but "about a half million dollars" has been discussed.
The Allegany County Commissioners approved an assignment-and-assumption agreement on February 12 to receive the assets of the Allegany County Animal Shelter Foundation as the nonprofit organization dissolves. County attorney Beeman described the step as the procedural mechanism required by the foundation’s bylaws to transfer assets to county government upon dissolution and to allow the county to step into existing vendor and license agreements.
Beeman said the final value of assets being transferred has not been settled and described a working estimate of "about a half million dollars" as the figure staff and foundation volunteers have discussed while closing out operations. The agreement also provides for the foundation to purchase an insurance tail to cover potential errors and omissions arising from the foundation’s prior activities and includes indemnification language in favor of the county.
Commissioners moved and approved the agreement during the action agenda. No further implementation schedule, department assignment for post-transfer operations, or inventory of specific assets was provided at the meeting.
