WORKSHOP ITEM - Robert Therres, Public Services Mgr./Asst. City Mgr.
Title
CREATE MARY ANN YOUNG CENTER ENDOWMENT FUND
Background
Last fall, Ralph Odegard, who was a regular visitor of the Mary Ann Young Center, bequeathed a portion of his estate to the Mary Ann Young Center upon his passing. This donation was slightly more than $250,000. Staff is suggesting that the majority of these funds be placed in an endowment fund, similar to our existing Capital Improvement Fund, to be used for non-routine items for the Mary Ann Young Center or Senior Programs.
Interest created by the endowment fund can be used if five of seven Councilmembers approve of a recommendation by the Senior Advisory Committee. Principal from this endowment fund can only be used if six of seven Councilmembers approve of a recommendation by the Senior Advisory Committee.
Attached is a draft of a Mary Ann Young Center Endowment Fund that has been discussed by the Senior Advisory Committee. The Senior Advisory Committee has recommended that this endowment fund be adopted by the City Council.
Recommendation
Provide feedback on the proposed adoption of a Mary Ann Young Center Endowment Fund.
If City Council is okay with the Endowment Fund, a resolution adopting a Mary Ann Young Center Endowment Fund will be brought to a future Council Meeting for the City Council’s consideration.