TO: Board of Supervisors
FROM: Cultural Services Agency
MEETING DATE: May 9, 2023
DEPARTMENT CONTACT:
Deb Fader Samson
PHONE:
707-234-2872
DEPARTMENT CONTACT:
Karen Mattson
PHONE:
707-459-7698
ITEM TYPE: Consent Agenda
TIME ALLOCATED FOR ITEM: N/A
AGENDA TITLE:
title
Approval of the Transfer of $490,000 from the Mendocino County Museum Endowment Fund to the Community Foundation of Mendocino County Museum Endowment Fund and Allot the Remaining $10,000 of the Bittenbender Trust for Programming, Exhibits, and Supplies in Fiscal Year 2023/2024
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RECOMMENDED ACTION/MOTION:
recommendation
Approve the transfer of $490,000 from the Mendocino County Museum Endowment Fund to the Community Foundation of Mendocino County Museum Endowment Fund and allot the remaining $10,000 of the Bittenbender Trust for programming, exhibits, and supplies in fiscal year 2023/2024.
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PREVIOUS BOARD/BOARD COMMITTEE ACTIONS:
Resolution 85-129 established the County's Museum Endowment Fund and allows for the Museum Advisory Board and Museum Director to authorize the use of the funds.
SUMMARY OF REQUEST:
In February of this year, The Mendocino County Museum was awarded a gift of $500,000 from the late William L. Bittender. The Board was notified, and the check was deposited into the Mendocino County Museum Endowment Account. Subsequently, staff conducted research and discovered that the sum would earn much more in interest if it were deposited into the Community Foundation of Mendocino County Museum Endowment Fund, which would increase in its financial support of the Museum's operation over the years. The Museum Advisory Board unanimously approved this decision as did Museum Director Deb Fader Samson.
Transferring this money to an account yielding a higher interest rate shows County staff being constructive with their finances and planning the future sustainability of the Mendocino County Museum. This is an example of an Effective County Government.
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