Item - 2020.RZ6.5
Tracking Status
- This item was considered by TO Live - Audit Committee on June 23, 2020 and was adopted with amendments.
RZ6.5 - Toronto Live Foundation - Draw Request
- Decision Type:
- ACTION
- Status:
- Amended
Committee Decision
The TO Live - Audit Committee recommends that the Board of Directors of TO Live:
1. Direct the President and Chief Executive Officer, TO Live to request a draw of up to $1.0 million for operating support from the Toronto Live Foundation Board to address any 2020 operating funding shortfall.
2. Direct the President and Chief Executive Officer, TO Live to request funds of up to $250,000 from the Toronto Live Foundation Board to support the first phase of TO Live's recovery program described in Attachment 1 (Appendix B, pages 19-23), in the event that the Recommendation 1 above will not be required.
3. Direct the President and Chief Executive Officer, TO Live to report back to the Board on the actions taken related to the recommendations above and the amount of funds requested from the Toronto Live Foundation.
Origin
Summary
The purpose of this report is to put in place a back-up operating funding source to maintain and stabilize operations for the July to December 2020 period.
Background Information
https://www.toronto.ca/legdocs/mmis/2020/rz/bgrd/backgroundfile-147911.pdf
Motions
That the Board of Directors of TO Live:
1. Direct the President and Chief Executive Officer, TO Live to request a draw of up to $1.0M for operating support from the Toronto Live Foundation Board to address any 2020 operating funding shortfall.
2. Direct the President and Chief Executive Officer, TO Live to request funds of up to $250,000 from the Toronto Live Foundation Board to support the first phase of TO Live's recovery program described in Attachment 1 (Appendix B, pages 19-23), in the event that the Recommendation 1 above will not be required.
3. Direct the President and Chief Executive Officer, TO Live to report back to the Board on the actions taken related to the recommendations above and the amount of funds requested from the Toronto Live Foundation.
5a - Toronto Live Foundation - Draw Request - Supplementary Report
Origin
Summary
The purpose of this report is to request a draw from the Toronto Live Foundation.
Background Information
https://www.toronto.ca/legdocs/mmis/2020/rz/bgrd/backgroundfile-148054.pdf
Attachment 1 - TO Live - COVID-19 Recovery Plan
https://www.toronto.ca/legdocs/mmis/2020/rz/bgrd/backgroundfile-148055.pdf