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File #: 21-147    Version: 1 Name:
Type: Resolution Status: Mayor's Office
File created: 2/23/2021 In control: City Council
On agenda: 3/23/2021 Final action: 3/23/2021
Title: A Resolution of the City Council of the City of Colorado Springs, Colorado approving revisions to the investment policy of the Colorado Springs Health Foundation Presenter: R. Thayer Tutt, Jr., Board Chair, Colorado Springs Health Foundation Jim Johnson, Board Treasurer, Colorado Springs Health Foundation Cari Davis, Executive Director, Colorado Springs Health Foundation
Attachments: 1. CSHFgrantmakingRES-03-02-2021, 2. Summary of Key Proposed Changes_Mar2021, 3. Exhibit A - CSHF_Revised Investment Policy_Changes Incorporated_Mar2021, 4. CSHF_Investment Policy_red-line_Mar2021, 5. CSHF_City Council Pres_Invst Policy Revisions_8Mar21, 6. Signed Resolution 38-21

 

Title

A Resolution of the City Council of the City of Colorado Springs, Colorado approving revisions to the investment policy of the Colorado Springs Health Foundation

 

  Presenter: 

R. Thayer Tutt, Jr., Board Chair, Colorado Springs Health Foundation
Jim Johnson, Board Treasurer, Colorado Springs Health Foundation
Cari Davis, Executive Director, Colorado Springs Health Foundation

Body

  Summary:

Colorado Springs Health Foundation is proposing modifications to its Investment Policy

 

  Background: 

Colorado Springs City Council is responsible for approving the Foundation’s Investment Policy. The last time this policy was revised and approved was on Aug. 23, 2016.

  Previous Council Action:

Resolution No. 92-12, City Council authorized and directed the City Attorney and City Staff to form and create a City controlled non-profit public foundation, (the "City Health Foundation”) as provided under IRS sections 501(c)(3) and 509(a); and, Resolution No. 92-12 requires that City Council approve any investment policy and any policy governing grants; and, Resolution No. 92-14, City Council approved an investment and grant making policy recommended by the City Health Foundation’s Board of Trustees; and, Resolution No. 8-16, City Council approved revisions specific to the grant making policy; and
Board of Trustees recommend additional revisions to the investment policy approved by Resolution No. 92-14 to further the work of the City Health Foundation.

 

  Financial Implications:

N/A

 

  City Council Appointed Board/Commission/Committee Recommendation:

Colorado Springs Health Foundation approved unanimously the proposed revisions at its Feb. 17, 2021 meeting

 

  Stakeholder Process:

Colorado Springs Health Foundation Board and Financial leadership worked closely with Council Members Knight and Geislinger as well as City Auditor Jackie Rowland and her colleague Sally Barber to develop the proposed revisions.

 

  Alternatives:

N/A

Recommended Action

  Proposed Motion:

To approve as presented the proposed revisions to the Colorado Springs Health Foundation Investment Policy

 

Summary of Ordinance Language

N/A



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