Item - 2023.TA2.1
Tracking Status
- This item was considered by Toronto Atmospheric Fund on April 27, 2023 and was adopted with amendments.
TA2.1 - Draft Audited Consolidated Financial Statements for the year ended December 31, 2022
- Decision Type:
- ACTION
- Status:
- Amended
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Approved the transfer of:
a. $4,245,402 from the Toronto Internally-restricted (Stabilization) Fund to the Toronto Externally-restricted Fund;
b. $2,456,504 from the Ontario Internally-restricted (Stabilization) Fund to the Ontario Externally-restricted Fund; and
c. $1,713,979 from the Canada Internally-restricted (Stabilization) Fund to the Canada Externally-restricted Fund.
2. Approved the Toronto Atmospheric Fund 2022 Audited Consolidated Financial Statements in Attachment 1 to the report (April 26, 2023) from the Director of Finance, Toronto Atmospheric Fund, unless there are any material changes.
Origin
Summary
The 2022 Audited Consolidated Financial Statements and Report have been prepared by Welch LLP and are presented to the Toronto Atmospheric Fund (TAF) Board of Directors for approval. These statements provide separate fund accounting for the City of Toronto, Province of Ontario, and Government of Canada endowment funds.
Background Information
https://www.toronto.ca/legdocs/mmis/2023/ta/bgrd/backgroundfile-236079.pdf
Attachment 1 - Draft Audited Consolidated Financial Statements for Toronto Atmospheric Fund for the year ended December 31, 2022
https://www.toronto.ca/legdocs/mmis/2023/ta/bgrd/backgroundfile-236086.pdf
(April 13, 2023) Report from the Director of Finance, Toronto Atmospheric Fund on Draft Audited Consolidated Financial Statements for the Year Ended December 31, 2022
https://www.toronto.ca/legdocs/mmis/2023/ta/bgrd/backgroundfile-236083.pdf
Motions
That the Board amend recommendation 2, by adding the words "unless there are any material changes", so that the recommendations now read:
1. Approve the transfer of:
a. $4,245,402 from the Toronto Internally-restricted (Stabilization) Fund to the Toronto Externally-restricted Fund;
b. $2,456,504 from the Ontario Internally-restricted (Stabilization) Fund to the Ontario Externally-restricted Fund; and
c. $1,713,979 from the Canada Internally-restricted (Stabilization) Fund to the Canada Externally-restricted Fund.
2. Approve the Toronto Atmospheric Fund 2022 Audited Consolidated Financial Statements in Attachment 1, unless there are any material changes.