HomeMy WebLinkAboutNB 2 T. COMM FOUND 08-16-93AGENDA_
NEW BUSINESS NO. 2
8-16-93
~ATE:
AUGUST 11, 1993
lnter-Com
TO:_.
FROM'
SUBJECT:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
WILLIAM A. HUSTON, CITY MANAGER
TUSTIN COMMUNITY FOUNDATION
RECOMMENDATION:
Pleasure of the City Council.
FISCAL IMPACT:
None.
DISCUSSION:
The City Council authorized the formation of a non-profit foundation to
raise and expend funds for programs and projects that benefit the
community. The Tustin Community Foundation has been granted foundation
status by the State. The final step in the process is obtaining a
federal exemption from the Internal Revenue Service (IRS). The City's
representative handling the approval process has recommended that the
city Council proceed with naming the Foundation's Board of Directors.
The IRS will not grant final approval until the Board is appointed and
its officers are selected by the Board.
The Foundation's Bylaws provide that tWo members of the Board shall be
City Councilmembers and five members shall be selected by the City
Council by a four-fifths (4/5) vote of the City Council. The City
Council needs to decide how it wants .to proceed with the selection
process. Options could include each Councilmember nominating an
individual or soliciting applications with interviews by the City
Council.
Following the City Council's appointments, the Board of Directors can
hold an organizational meeting which will enable the IRS approval
process to be completed.
WAH ~~
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