Laserfiche WebLink
Policy 1 <br />5/8/02 <br />• ITEM: Establishment of a Friends of the Parks Fund <br />SUBMITTED BY: Bill Maertz, Parks and Public Works Director <br />REVIEWED BY: Heather Worthington, City Administrator <br />EXPLANATION: <br />Summary: The Council is being asked to approve the establishment of a "Friends of the <br />Parks Fund". Donations to this fund are tax deductible but donors will be advised to <br />consult with their personal tax adviser. This fund will assure that people who want to <br />contribute to our parks have a tool available to them. <br />• Donations will be held in an interest bearing account and will be used only for park <br />and recreation purposes. <br />• Donations must be accepted by council vote. This can be done as routine business on <br />the consent agenda. . <br />• Expenditures will be based on Park Commission recommendations and Council <br />approval. <br />• No funds will be used for operations or maintenance: <br />Back round: The Park Commission was interested in creating a vehicle to help people <br />include Falcon Heights Parks in their planned giving. Cities are prohibited from <br />establishing anon-profit 501(c)3 corporation but research revealed that donations to an <br />internal fund for specified purposes are tax deductible for federal and state tax purposes. <br />ATTACHMENTS: <br />Report from League of Cities <br />Letter from city Attorney Roger Knutson <br />Friends of the Parks webpage/mailing prototype <br />ACTION REQUESTED: <br />Discussion <br />Approve the establishment of a Friends of the Parks Fund for Falcon Heights. <br />• <br />