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Council discusses resurrecting Ceres Community Foundation after staff reports a larger-than-expected balance
Summary
Council discussed reconstituting the Ceres Community Foundation, a separate 501(c)(3) corporate fund; councilmembers noted past balances reported at about $128,000 but staff said finance reported a current figure of roughly $400,000 and stressed the foundation is separate from the city general fund and governed by its own bylaws.
Council members and staff discussed the status and governance of the Ceres Community Foundation (a 501(c)(3)) on Jan. 26 after a council referral from Councilwoman Otero.
Otero summarized the foundation's purpose and said records suggested the fund held approximately $128,000 in fiscal 2023–24. During discussion the finance director told the council that finance's most recent checking indicated "about $400,000" in the foundation…
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