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Board of Trustees approves annual budget; board reviews apparent IRS revocation letter
Summary
The Board of Trustees approved the fiscal year budget after a presentation showing no new line items and an $83 million cash position; a board member reported the organization received an apparent IRS revocation letter, which the board says appears to be an administrative error under review.
The Board of Trustees approved its proposed annual budget on April 29 after a brief review that showed no new line items and only adjustments to distributions from the city and anticipated payments from MTE.
At the meeting, Mr. Tindall presented the budget and noted the materials were included in the board book and that the plan was "pretty straightforward." Board members discussed account balances and administrative expenses; one board member said the account balance is about $83 million and that next years incoming payment from MTE will increase the trust balance.
The meeting also included discussion of an apparent IRS revocation letter. A board member reported the organization had received a revocation notice stating that required filings were missing; the speaker said the boards determination letter instructs the group not to file and that the revocation appears to be an error. The board member said they have contacted the IRS and will ask the Cincinnati office to review the matter; if the IRS does not reverse the revocation, the board said it may refile Form 1023. The transcript does not record any legal fees spent so far on resolving the issue.
A motion to approve the budget was made and seconded; the board approved the budget by voice vote. The board did not record a roll-call tally in the transcript.
The board closed the item and moved on to an investment review later in the meeting.
