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: ...
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