Donation for Caribana
The Strategic Policies and Priorities Committee recommends:
(1)the adoption of the following report (July 15, 1998) from the Chief Financial
Officer and Treasurer; and
(2)that Mayor Lastman send a letter of thanks to the Royal Bank of Canada
expressing the City of Toronto's appreciation for its donation in support of the 1998
Caribana Festival.
The Strategic Policies and Priorities Committee submits the following report (July 15,
1998) from the Chief Financial Officer and Treasurer:
Purpose:
To inform Council of the proposed donation of $50,000.00 from the Royal Bank of Canada
in support of the 1998 Caribana Festival and, upon receipt and deposit, to request approval
for the disbursement of these funds to the Caribbean Cultural Committee.
Funding Sources, Financial Implications, Impact Statement:
The Royal Bank wishes to donate $50,000.00 to the City as a part of its $100,000.00
contribution in support of the 1998 Caribana Festival. Upon the receipt and deposit of this
donation, funds in an equivalent amount would be disbursed to the Caribbean Cultural
Committee.
Recommendations:
It is recommended that:
(1)the donation of $50,000.00 from the Royal Bank be deposited when received;
(2)a receipt which can be used for income tax purposes, be issued to the Royal Bank; and
(3)a cheque for $50,000.00 be issued to the Caribbean Cultural Committee in respect of the
1998 Caribana Festival.
Council Reference/Background/History:
At its meeting on April 16, 1998, City Council adopted, as amended, Report No. 5 of the
Strategic Policies and Priorities Committee, entitled "Financial Support to the Caribbean
Cultural Committee and Caribana". This report included a report from the Chief Financial
Officer and Treasurer recommending that if any donations to the City are received with the
request that the City use such monies to support Caribana, the Chief Financial Officer and
Treasurer report to Council for instructions on the disbursement of such donations.
The Royal Bank announced at the end of May that it would contribute $100,000.00 towards
the administrative costs of the Caribana Festival. An amount of $50,000 has been designated
by the Royal Bank as sponsorship for the Caribana Festival and has been forwarded to the
Caribbean Cultural Committee. The remaining $50,000.00 is proposed to be in the form of a
donation to the City for the Caribana Festival.
Under income tax legislation, authority to issue receipts for income tax purposes is granted
to specific types of organizations including all Canadian municipalities. Authority to issue
income tax receipts is not available to the Caribbean Cultural Committee. The $50,000.00
donation to the City allows the City to issue a receipt for income tax purposes and provides
Council with the opportunity to direct the funds for use by the Caribbean Cultural
Committee for the 1998 Caribana Festival.
Conclusions:
The allocation of this donation to the Caribbean Cultural Committee reflects the City's
continuing commitment to the 1998 Caribana Festival.
Contact Name:
Ken Colley, Finance Department, 395-6715.