City of Madison - File #: 37804

• File #: 37804
• Version: 1
• Name: Authorizing the transfer of funds from numerous donated funds accounts to the Madison Parks Foundation pursuant to the Cooperative Agreement between the City of Madison and the Madison Parks Foundation.
• Type: Resolution
• Status: Passed
• File created: 3/25/2015
• In control: BOARD OF PARK COMMISSIONERS
• On agenda: 3/31/2015
• Final action: 4/21/2015
• Enactment date: 4/23/2015
• Enactment #: RES-15-00345
• Title: Authorizing the transfer of funds from numerous donated funds accounts to the Madison Parks Foundation pursuant to the Cooperative Agreement between the City of Madison and the Madison Parks Foundation.
• Sponsors: Joseph R. Clausius, Mark Clear, Paul R. Soglin

Date	Ver.	Action By	Action	Result
4/21/2015	1	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
4/13/2015	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
4/8/2015	1	BOARD OF PARK COMMISSIONERS	Return to Lead with the Recommendation for Approval	Pass
3/31/2015	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
3/31/2015	1	COMMON COUNCIL	Referred
3/25/2015	1	Parks Division	Referred for Introduction

Fiscal Note
The loss of interest from the transfer of these funds will be between $4,000 and $5,000 annually.

The accounts referenced in the resolution currently have a total of $888,848.09 in cash resources:

NAME ACCOUNT AMOUNT
Rennebohm SP10-11190 $ 31,236.07
Louis Gardner SP47-11190 $ 177,088.76
Olbrich SP63-11190 $ 5.61
Pohle TN58-11190 $ 25,000.00
Pohle Interest TN67-11190 $ 1,431.40
Hollister TN60-11190 $ 122,030.40
Hollister Interest TN70-11190 $ 49,199.74
Garner TN78-11190 $ 5,953.90
Garner Interest TN68-11190 $ 4,852.71
People for Parks GN01-34207 $ 337,677.31
Jones Field SO51-11190 $ 20,206.75
Olin Interest TN69-11190 $ 114,165.44

TOTAL: $ 888,848.09


Title
Authorizing the transfer of funds from numerous donated funds accounts to the Madison Parks Foundation pursuant to the Cooperative Agreement between the City of Madison and the Madison Parks Foundation.

Body
WHEREAS, numerous donors left trusts and donated funds which provide income to the City of Madison Park Board or its successor; and

WHEREAS, many of these trusts terminated years after the respective date of death and the residual amount was assigned to the City of Madison Park Board with various guidance; and

WHEREAS, the City of Madison currently has interest bearing segregated funds for the purposes of maintaining the residual amounts transferred to the City upon the dissolution of Trusts; and

WHEREAS, these funds are currently invested by the City Treasurer as a part of the City of Madison’s overall investment pool; and

WHEREAS, the funds to be transferred are Rennebohm, Louis Gardner, Olbrich, Pohle (2), Hollister (2), Garner (2), Jones Field, Olin Interest, and People for Parks (a general account with a variety of past donors); and

WHEREAS, the Madison Parks Foundation is a 501(c)3 non-profit entity advocating for the City’s parks and open spaces and supporting park improvement opportunities by encour...