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18.

Work Session and Regular Meeting

Meeting Date:	06/12/2018
Department:	City Manager

AGENDA CAPTION:

Present, Discuss, and Consider Action on the Town's Relationship with the Addison Legacy Foundation.

BACKGROUND:

Mayor Pro Tempore Walden and Deputy Mayor Pro Tempore Braun requested this item be placed on the agenda to discuss the Town's relationship with the Addison Legacy Foundation.

The Addison Legacy Foundation was established on June 28, 2012 to provide a way for individuals, families, and organizations to make tax-deductible contributions to benefit Addison. The Foundation was created in response to residents, visitors, and businesses that had expressed a desire to say Thank You to the Town through charitable donations. The Council approved the Addison Legacy Foundation as a fund of the Communities Foundation of Texas (CFT), a 501(c)(3) nonprofit organization. As such, the Foundation can leverage CFT’s record keeping, investment, and compliance expertise.

The affairs of the Addison Legacy Foundation are managed by its Board of Directors, which is made up of 6 to 11 members that includes at least 3 residents of the Town, the Mayor, the Mayor Pro Tem, and a CFT staff member. A copy of the records for the Foundation must be submitted to the City Secretary by February 1 of each fiscal year for the records from the prior fiscal year.

RECOMMENDATION:

Staff requests direction from Council.