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  July 15, 1998

 To:Strategic Policies and Priorities Committee

 From:W. A. Liczyk

Chief Financial Officer and Treasurer

 Subject:Donation for Caribana

  Purpose:

 To inform Council of the proposed donation of $50,000 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 to the City as a part of its $100,000 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 from the Royal Bank be deposited when received;

 

  1. a receipt which can be used for income tax purposes, be issued to the Royal Bank; and

 

  1. a cheque for $50,000 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 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 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 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 Colley395-6715

Finance Department

W. A. Liczyk

Chief Financial Officer and Treasurer

     

 

   
Please note that council and committee documents are provided electronically for information only and do not retain the exact structure of the original versions. For example, charts, images and tables may be difficult to read. As such, readers should verify information before acting on it. All council documents are available from the City Clerk's office. Please e-mail clerk@city.toronto.on.ca.

 

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