Attachment A
Proposed Palm Springs Parks Foundation MOU
1 MEMORANDUM OF UNDERSTANDING
BETWEEN PEOPLE FOR THE PARKS PALM SPRINGS FOUNDATION, INC. DBA
THE PALM SPRINGS PARKS FOUNDATION
AND THE CITY OF PALM SPRINGS
This Memorandum of Understanding (“MOU”), by and between the City of Palm Springs (the “City”), and the People for the Parks Palm Springs Foundation, Inc. dba Palm Springs Parks Foundation, a California nonprofit public benefit corporation recognized as tax-exempt under Section 501(c)(3) of the Internal Revenue Code (the “Foundation”) (together, with the City, the “Parties”) establishes a framework for a sustainable partnership b etween the Parties in order for mutual support to continue and prosper. This MOU shall be effective on the date (“Effective Date”) that it is signed by both Parties, following any legally required approval by the governing bodies of the Parties.
RECI
TALS
WHE
REAS, the City is a charter city and California municipal corporation; WH
EREAS, the Palm Springs Parks & Recreation Commission (“Commission”) functions in an advisory capacity to the Palm Springs City Council on matters relating to the planning and monitoring of parks, recreational services and facilities, operations of the municipal golf course, special events, and leisure services, programs, and activities; WH
EREAS, the Foundation is an independent, nonprofit 501(c)(3) public benefit corporation in the State of Californi a, established on August 1, 2023, to advocate for funding related to the planning, development, staffing and enhancement of public parks and recreational facilities;
WHE
REAS, the Foundation was created to assist in the facilitation of supporti ng vibrant public spaces that foster health, joy, and connection for the benefit of, the Palm Springs Parks & Recreation system and the people of Palm Springs;
WH
EREAS, the Foundation is governed by its Bylaws, and its activities are conducted under the direction of its Board of Directors;
WHE
REAS, consistent with its mission, the Foundation intends to solicit and receive donations for the benefit of Palm Springs P arks & Recreation system in line from individuals , organizations, governmental entities and corporations in support of its mission, WH
EREAS, the Parties desire that the Foundation, as the City’s philanthropic partner, provide structured recommendations on funding priorities and strategies; WHE
REAS, the Parties desire to enter this MOU to clearly delineate the responsibilities of the Parties to each other in accomplishing the purposes stated herein. 2 AGREEMENT
NOW
, THEREFORE, in consideration of the foregoing, the Parties agree as follows:
I. DE
FINITIONS
a. “
Restricted Funds” means funds that are subject to donor‑imposed restrictions as to purpose and/or time, including funds raised for specific projects or purposes, which must be used solely in accordance with such restrictions; b. “Unrestricted Funds” means funds that are not subject to donor‑imposed restrictions and may be used at the Foundation’s discretion for any charitable purpose consistent with its mission, bylaws, and applicable law; c. “Parks & Recreation Elements” means City parks, facilities, amenities, improvements, rooms, community centers, and related physical or programmatic components suitable for recognition or donor naming, subject to City approval; and d. “Naming Rights Opportunities” means opportunities to recognize donors through naming of Parks & Recreation Elements, subject to City approval as set forth herein.
II. G
OVERNANCE; AUTHORITY AND OVERSIGHT
a. B
oard Authority. The Foundation shall at all times remain an independent, separately governed nonprofit corporation. The Foundation’s Board of Directors (the “Board”) shall have authority for all acts of the Foundation, including without limitation governance, strategy, fundraising, acceptance of gifts, investment and management of assets, financial reporting, and allocation or expenditure of funds, even when portions of such responsibilities are delegated to committees, officers, staff, agents, or other designees. The Parties acknowledge the Board’s fiduciary obligations and oversight authority consistent with California law. The Foundation shall at all times retain independent legal discretion and control over the receipt, investment, management, and expenditure of its charitable assets, subject to donor intent, its governing documents, and applicable law. No provision of thi s MOU shall be interpreted to permit the City to direct or compel the use of Foundation funds in a manner inconsistent with the Foundation’s fiduciary duties. b. Delegation and Oversight. The Board may delegate authority to committees, officers, or agents in accordance with the Foundation’s bylaws and written charters; however, the Board retains ultimate responsibility and oversight for all such delegated activities, decisions, and approvals, including the stewardship and allocation of Restricted Funds and Unrestricted Funds, and all funds raised for or benefiting the City.
c. Audit Committee. If, in any fiscal year, the Foundation’s annual gross revenue equals or exceeds $2,000,000 (excluding qualifying governmental funds as provided by applicable law), the Foundation shall comply with all applicable requirements, including maintaining an audit committee whose members are appointed by and report to the Board, and engaging an independent certified public accountant to conduct an audit of the Foundation’s financial statements for that fiscal year.
3 d. Partnership Oversight. The Board, or a committee designated by the Board, shall provide high‑level oversight of all partnership activities under this MOU, including strategy alignment, compliance, risk management, and donor stewardship. e. Recognition of Independence . The City recognizes the Foundation as a legally separate, independent entity with its own governing body.
III. COMPLIANCE WITH LAW; POLICIES; SAFEGUARDS
a. Legal Compliance . Each Party shall comply with all applicable laws and regulations as applicable to the Foundation, Internal Revenue Code and related IRS regulations, California Franchise Tax Board requirements, the California Attorney General’s supervision of charitable corporations and trustees, applicable municipal codes and the City Charter, and other regulatory requirements governing their respective activities. The Foundation shall maintain active registration with the California Attorney General’s Registry of Charities and Fundraisers and shall comply with all charitable solicitation disclosure requirements in written solicitations and event materials as required by California law. b. Governance and Financial Policies . The Foundation shall adopt, maintain, and periodically review and update written policies and procedures including gift acceptance; investment; conflicts of interest; whistleblower; document retention and destruction; internal controls; financial reporting; restricted funds management (including procedures for tracking, releasing, and modifying restrictions consistent with California law).
c. Financial Reporting Standards . The Foundation shall prepare its financial statements in accordance with U.S. GAAP as promulgated by the Financial Accounting Standards Board (“FASB”), including appropriate presentation and disclosure of net assets with donor restrictions and without donor restrictions. d. Public Accountability and Filings . The Foundation shall prepare and file all required reports and disclosures with the IRS, FTB, and California Attorney General, and shall maintain public accountability consistent with applicable law governing nonprofit public benefit corporations.
e. Tax‑Exempt Safeguards. The Parties shall structure and conduct activities under this MOU to preserve and protect the Foundation’s tax‑exempt status and to avoid private inurement, private benefit, excess benefit transactions, or unrelated business taxable income to the extent practicable.
IV. FUND MANAGEMENT
a. The Parties adopt the definitions of Restricted Funds and Unrestricted Funds set forth in Section 1 for purposes of this MOU and related reporting and oversight. b. Restricted Funds.
i. Donor Intent. Donor restrictions are legally binding; funds raised or received subject to donor‑imposed restrictions shall be used only for the specified purpose(s) or time period(s);
4 ii. Internal Controls and Accounting. The Foundation shall maintain written internal controls and procedures to separately record, track, report, and account for Restricted Funds and related income and expenses, distinct from Unrestricted Funds.
iii. Inability to Fulfill Purpose; Modification . If the Foundation determines that spending requirements for Restricted Funds have become unlawful, impossible, impracticable, or wasteful, the Foundation shall seek donor consent to modify the restriction or pursue court or administrative modification consistent with California law, including applicable value thresholds and notice requirements.
iv. Policies. The Foundation’s gift acceptance and investment policies shall include procedures for evaluating, accepting, tracking, investing, and, when appropriate, releasing or modifying restrictions in accordance with California law and applicable standards.
c. Unrestricted Funds.
i. Purpose. Unrestricted Funds may be used, at the Board’s discretion, for any charitable purpose consistent with the Foundation’s mission, bylaws, and applicable law, including operating and program support. ii. Internal Controls. The Foundation shall maintain written internal controls for receipt, accounting, authorization, and expenditure of Unrestricted Funds, including segregation of duties, approval thresholds, and reporting protocols.
iii. Recommendations to City. For Unrestricted Funds intended for the benefit of City parks, facilities, or programs, the Foundation may make written recommendations to the City regarding deployment of such funds. The City shall consider such recommendations in good faith and provide a written response within 30 days, identifying approvals, conditions, or reasons for non‑approval. The Parties shall confer in good faith to reconcile any differences and coordinate implementation.
V. REPORTING, ACCOUNTABILITY, AND INTERNAL CONTROLS
a. Financial Reporting to City.
i. Frequency and Content . The Foundation shall provide the City with written financial reports on a [quarterly] basis, within [ 30] days after the end of each reporting period, and an annual report within [120] days after fiscal year end. Each report shall, at a minimum, separately present: (i) Restricted Funds —sources, amounts, donor restrictions, expenditures to date, remaining balance s, and compliance with donor intent; and (ii) Unrestricted Funds —sources, amounts, expenditures by category, allocations recommended to the City, and amounts retained for Foundation operations.
5 ii. Event Reporting. For fundraising events conducted for the benefit of City parks, each report shall include the number of events held, gross proceeds, direct costs, and net amounts allocated to Restricted Funds and Unrestricted Funds, as applicable.
iii. Record Access . Upon reasonable written request, the Foundation shall make available to the City, within [30] days, relevant financial records related to funds designated or used for City parks projects or programs, subject to donor privacy, confidentiality obligations, and applicable law. b. Audits and Reviews.
i. Threshold Audit. If in any fiscal year the Foundation’s annual gross revenue equals or exceeds $2,000,000 (excluding certain government funds as provided by applicable law), the Foundation shall obtain an annual independent audit and maintain an audit committee meeting applicable California Nonprofit Integrity Act requirements.
ii. Best Practice. In years not requiring an audit, the Foundation shall obtain at least an independent financial review or compilation and shall conduct an annual Board‑level review of internal controls.
c. Internal Controls and Policies . The Foundation shall maintain and annually review written internal controls appropriate to its size and complexity, including cash handling, banking, investment oversight, expense authorization, contract approval, segregation of duties, and cybersecurity and data privacy measures. d. Document Retention; Conflicts; Whistleblower. The Foundation shall maintain and enforce a document retention and destruction policy, a conflict -of-interest policy requiring annual disclosures and recusal where appropriate, and a whistleblower policy prohibiting retaliation and providing reporting channels.
VI. CITY OBLIGATIONS
a. Governance and Administration.
i. Authorization to Use City Name and Marks. The City may authorize use of its
name, likeness, and logo when deemed appropriate by the Director of Parks & Recreation or designee and shall obtain approval from the Foundation’s President prior to any use of the Foundation’s logo.
b. Coordination.
i. City Support. The City will provide support for mutually agreed Foundation programs, budgets, projects, fundraising activities, and reports; provide staff consulting and technical assistance where possible; assist coordination with other agencies as needed; and hold regular meetings at least quarterly with the Foundation.
ii. Primary Contact. The Director of Parks & Recreation shall serve as primary contact.
6 c. Reporting to Foundation. The Parties acknowledge that the Foundation relies on timely and accurate programmatic and project‑related information from the City in order to comply with donor requirements, grant agreements, regulatory obligations, and best practices in charitable fundraising and reporting. To the extent reasonably available, the City shall provide the Foundation with program, project, and/ or initiative data associated with funds raised or administered under this MOU. Such information may include, as applicable: (i) program participation levels or usage metrics; (ii) project milestones, timelines, and completion status; (iii) narratives or summaries describing program objectives, activities, and outcomes; (iv) photographs, site documentation, or visual materials suitable for donor or grant reporting; and (v) high‑level budgetary or expenditure summaries relating to funded projects or programs. The City shall provide such information within a reasonable time following a written request from the Foundation and, where pract icable, in a timeframe sufficient to allow the Foundation to meet donor, grant, or regulatory reporting deadlines.
d. Maintenance Standards. Except as set forth in a facility use agreement, the City is solely responsible for maintaining all Parks & Recreation facilities in good condition, substantial repair, and in compliance with applicable laws. e. Financial Use of Funds. Any funds provided to the City under this MOU shall be used to support construction, operation, maintenance, improvement, and programming of the Palm Springs Parks & Recreation system. f. Services to Foundation.
i. Facilities Access. Subject to a facility use agreement approved by the City Attorney and City Manager, the City will provide access to space at Parks & Recreation facilities for mutually agreed meetings, programs, fundraising, and events.
ii. Promotion and Recognition . The City may promote the Foundation’s presence and programs, and recognize Foundation contributions, services, and donations.
iii. Signage. The City will coordinate with the Foundation to erect or install signage and other Parks & Recreation Elements at facilities, with approval and permitting subject to City laws and regulations; the Foundation will pay for signage and the City will provide personnel to assist, except that the City shall pay for, maintain, and update electronic signage for events and donor recognition.
VII. FOUNDATION OBLIGATIONS
a.
Governance and Administration. The Foundation shall register , and maintain such registration, with applicable agencies as a nonprofit organization and maintain such status; meet charitable solicitation requirements if soliciting funds; obtain and maintain necessary permits, licenses, insurance, equipment, and inspections for its programs and events; and approve City use of the Foundation’s logo while seeking City approval for use of City name and marks.
7 b. Coordination with City. The Foundation shall collaborate with the Director of Parks & Recreation or designee and the Commission, at the discretion of the Director of Parks & Recreation, to coordinate plans, programs, needs, and projects; and coordinate fundraising activities conducted on Parks & Recreation facilities with staff.
c. Reporting to City . The Foundation shall provide semi ‑annual reports to the Director of Parks & Recreation on February 1 and August 1 showing, separately, restricted and unrestricted donations, disbursements , other expenditures, funds held, sources and nature of funds, allocation details, recommendations for unrestricted funds, and the number of fundraising events with amounts raised; and shall provide requested financial records within thirty (30) days. The Parties agree this reporting schedule shall be sat isfied if more frequent quarterly reporting is provided and includes the specified content.
d. Finances; Fundraising Authority.
i. Compliance. The Foundation shall comply with all applicable nonprofit requirements to remain in good standing.
ii. Authority to Raise Funds . The Foundation has authority to raise both restricted and unrestricted funds and may make written recommendations to the City for the use of unrestricted funds to support construction, operation, maintenance, programming, or improvement of the Parks & Recreation system.
iii. Operating Cost Recovery. The Foundation may allocate reasonable Unrestricted Funds for its operating and administrative expenses pursuant to Board‑approved budgets and policies. For donations solicited for specific City projects, the Parties may agree in writing to an administrative cost recovery not to exceed 10%, subject to quarterly reporting. e. Contribution Requests. The Foundation may submit contribution requests to the City for identified expenses supporting fundraising, personnel , programs, and campaigns; shall not request funds for memberships or travel/meal expenses (including alcohol ); and each request shall include specified budgetary and outcome details. Requests shall be made in advance and shall be subject to funding available within the Department of Parks & Recreation’s annual operating budget.
VIII.
NAMING RIGHTS
a. Right to Issue; City Approval. To the extent permitted by law and subject to prior City approval, the Foundation may issue Naming Rights Opportunities for Parks & Recreation Elements, including community centers, parks, rooms, facilities, and improvements.
b. Term of Naming Rights. Naming rights terms based on amount donated are:
Amount Donated Naming Rights Term
8 $10,001 to $50,000 10 years
$50,001 to $100,000 15 years
$100,001 or More 20 years
c. Early Termination; Replacement. If the named element must be replaced or repaired, it may be renamed ; naming may also be rescinded by either Party if the donor or honoree engages in criminal acts or moral turpitude, fails to meet financial obligations, or other discrediting factors arise contrary to City interests. d. Approval Process and Thresholds . Before issuing any naming, the Foundation shall obtain City written approval, including the proposed location, size, type, signage/installation, expected donation amount or in‑kind value, and donor name; the City has 30 days to approve or deny; approvals may be made by the Director up to $25,000, City Manager over $25,000 up to $100,000, and City Council over $100,000; no City approval is required for dedication plaques, tiles/bricks, or donor walls in City‑approved locations consistent with design and functionality. e. Proceeds and Operating Expenses. Other than reasonable Foundation operating expenses, the Foundation will use donations for the benefit of the Parks & Recreation system; the Foundation shall provide the City the proceeds from naming rights within 30 days of receipt ; if the Foundation retains operating expenses, it shall provide documentation and justification; disputes shall be heard by the Commission, and if not justified, withheld proceeds must be returned within 30 days from the Commission hearing. For clarity, the Parties agree this S ection addresses only donations connected to Naming Rights Opportunities; general operating support for the Foundation may also be funded from Unrestricted Funds pursuant to Section 7.4(c).
IX. Costs and Damage. Direct costs of naming, including signage and marketing, shall be paid by the Foundation or donors ; the Foundation shall repair damage to signage; the City is not obligated to replace damaged elements or signage; donors may be honored in an alternative method at the Director’s sole discretion if an element is damaged.
X. DONATIONS; SPECIFIC GIFTS
a. Solicitation and Acceptance. The Foundation may solicit and accept both Restricted Funds designated by donors for specific purposes and Unrestricted Funds to be used in accordance with the needs of the Parks & Recreation system as recommended by the Foundation and approved by the City; specific donations may be designated toward endowment or toward purchase, design, construction, or installation of Parks & Recreation Elements; donor conditions must align with the goals, values, and objectives of the City and the Foundation and the design and functionality of the relevant facility .
b. Donor Agreements . The Foundation shall use written gift agreements for Restricted Funds and Naming Rights Opportunities, incorporating applicable restrictions, recognition, reporting, and compliance terms. 9 c. Donor Consent or Court/Administrative Modification . If a Restricted Fund cannot be used for its specific restricted purpose, the Foundation shall seek donor consent to modify restrictions; if donor consent cannot be obtained, the Foundation shall follow applicable procedures for administrative or judicial modification, including applicable value thresholds and notice to the California Attorney General as required.
d. Notice and Documentation . The Foundation shall document the basis for modification, provide required notices, and maintain records of any consent or order modifying restrictions, and shall update internal accounting to reflect modified restrictions.
XI. CITY–FOUNDATION COLLABORATION
a. Planning and Priorities . The Parties shall meet at least quarterly to review priorities, project pipelines, feasibility, compliance, and donor stewardship, and to coordinate fundraising strategies and communications.
b. Use of Names and Marks. Each Party shall use the other’s name, logo, and marks only with prior written approval and in accordance with brand guidelines and shall promptly cease any use upon written request.
c. Communications. Public announcements regarding joint initiatives, major gifts, or naming opportunities shall be coordinated in advance to ensure accuracy and consistency and to honor donor recognition commitments.
XII. INSURANCE
a. Foundation Coverage . The Foundation shall obtain and maintain insurance coverage, including general liability and directors and officers, in types and amounts required by the City’s Risk Manager based on the Foundation’s structure and activities. Coverage limits, carriers, and endorsements shall be acceptable to the City and evidenced by certificates of insurance upon request. b. Event Insurance . For events on City property, the Foundation shall maintain event‑specific insurance and name the City, its officers, employees, and agents as additional insureds, as required by facility use agreements.
XIII. TERM; AMENDMENT; RENEWAL; TERMINATION
a. Term. This MOU commences on the Effective Date and continues for an initial term of one (1) year (“initial term”). The Parties agree to conduct a good- faith evaluation after the initial term to assess performance, alignment, and mutual objectives, and to discuss any potential amendments or modifications. b. Renewal. Following expiration of the initial term, the MOU may be renewed upon the mutual agreement of the Parties for successive terms of up to ten (10) years as the Parties may determine.
c. Amendments. Any modification, assignment, alteration, or extension must be in a writing signed and approved by both Parties.
10 d. Termination for Convenience. Either Party may terminate this MOU upon thirty (30) days’ written notice.
e. Effect of Termination or Expiration.
i. Funds and Obligations . The Foundation shall continue to honor donor restrictions and legal obligations with respect to Restricted Funds and shall work with the City to transition project‑specific commitments in an orderly manner consistent with donor intent and applicable law. ii. Advances or Loans. At the Board’s sole and absolute discretion, any loan made to the Foundation by the Board may become automatically due and payable upon termination or expiration.
11 XIV. INDEMNITY. Each Party shall indemnify, defend, and hold harmless the other Party and its officers, agents , and employees from liabilities, claims, or losses, including reasonable attorneys’ fees and costs, to the extent caused by the indemnifying Party’s negligent or wrongful acts or omissions arising from activities under this MOU.
XV. DAT A PRIVACY, SECURITY
a. Definitions. For purposes of this MOU, Personal Information means information that identifies, relates to, describes, or can reasonably be linked with a particular consumer or household, as defined under applicable California privacy laws. b. Compliance. Each Party shall comply with all applicable California and federal privacy and data protection laws and regulations in connection with this MOU, including with respect to donor, program participant, volunteer, employee, and vendor data, and with respect to public records and disclosure obligations applicable to the City.
c. Data sharing; purpose limitation. The Parties will share Personal Information to the minimum extent necessary to fulfill defined purposes under this MOU, based on written instructions and lawful bases, and will not sell or share Personal Information for cross -context behavioral advertisi ng. Each Party will implement and maintain reasonable administrative, technical, and physical safeguards appropriate to the nature of the data.
d. Incident response. Each Party will promptly notify the other of any actual or reasonably suspected breach involving shared information that is likely to compromise security, confidentiality, or integrity, and will cooperate in good faith on appropriate remediation, notifications, and mitigation consistent with applicable law.
e. Data ownership; CRM and contact records. The Foundation shall own and retain all right, title, and interest in and to its constituent relationship management system (“CRM”) and all contact, prospect, donor, volunteer, and supporter data that it independently collects, develops, or maintains, including without limitation data collected through Foundation‑operated websites, campaigns, mailings, events, or direct solicitations (“Foundation Data”). To the extent contact or donor information is developed through jointly hosted or coordinated activities or events under this MOU (“Joint Data”), the Parties acknowledge that such data may be shared solely for purposes consistent with this MOU. Unless otherwise expressly agreed in writing, Joint Data shall not be used by the City for independent fundraising, solicitation, or for purposes unrelated to City Parks & Recreation programs or facilities.
12 f. Data retention and deletion. Personal Information exchanged under this MOU will be retained only as long as reasonably necessary for MOU purposes and any applicable legal requirements.
XVI. DISPUTE RESOLUTION
a. Meet
and Confer. A Party asserting a dispute shall provide written notice describing the dispute in reasonable detail. Senior representatives with authority to resolve the dispute shall meet within [15] days to negotiate in good faith. b. Mediation. If unresolved within [ 30] days after the initial meeting, either Party may invoke non‑binding mediation administered by a mutually agreed provider in Riverside County, to occur within [ 45] days of the mediation notice, with costs shared equally.
c. Injunctive Relief. Notwithstanding the foregoing, either Party may seek temporary injunctive or other provisional relief where necessary to prevent irreparable harm pending the meet-and-confer and mediation processes.
d. Reservation of Rights. If the dispute is not resolved through mediation, the Parties may pursue available remedies consistent with this MOU and applicable law.
XVII. G ENERAL PROVISIONS
a. Assignment. Neither Party may assign or transfer its rights or obligations under this MOU without the prior written consent of the other Party, which shall not be unreasonably withheld; any unauthorized assignment is void. b. Binding Effect. This MOU is binding on the Parties and their respective heirs, successors, and assigns.
c. Entire Agreement. This MOU contains the entire agreement and understanding of the Parties regarding its subject matter and was not executed in reliance on promises or representations not contained herein.
d. Applicable Law ; Venue . This MOU shall be construed in accordance with California law, and any legal or administrative action shall be conducted in Riverside County, California.
e. Authority. Each signatory warrants authority to execute and bind its respective Party.
f. Severability. If any provision is held invalid or unenforceable, the remainder shall not be affected and shall be enforced.
g. Notices. Notices shall be in writing and delivered by personal delivery, registered mail, recognized courier, or email to the following, which may be changed by written notice:
City of Palm Springs
3200 E. Tahquitz Canyon Way
Palm Springs, CA 92262
Attn: City Manager
People for the Parks Palm Springs
Foundation, Inc. dba Palm Springs
Parks Foundation
PO Box 1129Palm Springs, CA 92262
13 h. Interpretation. This MOU was prepared jointly by the Parties with access to counsel; no ambiguity shall be construed against either Party as drafter. i. Counterparts; Electronic Signatures. This MOU may be executed electronically and in counterparts, each deemed an original.
XVIII. CI TY–FOUNDATION FACILITY USE
a. Facility Use Agreements. Use of City facilities by the Foundation or third parties for meetings, events, or fundraising shall be subject to a facility use agreement in a form approved by the City Attorney and City Manager.
b. Program Support. The City and Foundation may develop project‑specific addenda outlining scope, budgets, timelines, roles, and deliverables for programs or capital projects consistent with this MOU.
XIX. REGULATORY COMPLIANCE COVENANTS
a. Charitable Purpose. All expenditures by the Foundation under this MOU shall be for charitable purposes within the meaning of Section 501(c)(3) and California law. b. No Agency or Control by City. Nothing in this MOU creates an agency, joint venture, or partnership that would cede Board control over charitable assets; the Foundation shall retain independent discretion and control consistent with donor intent and law.
c. Private Benefit and Inurement. The Parties shall avoid arrangements conferring impermissible private benefit or inurement and shall document fair value for any exchanges of services or support.
XX. MISCELLANEOUS FINANCIAL SAFEGUARDS
a. Banking and Investments. The Foundation shall maintain bank and investment accounts in its own name; custody and investment shall follow the Foundation’s investment policy and applicable prudence standards.
b. Gift Review. The Foundation may decline gifts that are inconsistent with its policies, the City’s objectives, or applicable law, or that would impose undue obligations or risks.
c. Fiscal Sponsorships. If the Foundation fiscally sponsors projects benefiting City parks, it shall use written sponsorship agreements, maintain variance power consistent with law, and ensure compliance with this MOU. 14 XXI. NO THIRD‑PARTY BENEFICIARIES. This MOU is for the benefit of the Parties and does not create rights in any third party, including donors, except as expressly provided in applicable gift agreements.
I
N WITNESS, WHEREOF, the Parties enter this Understanding as of the Effective Date. [
Signatures on the following page.]
15 SIGNATURE PAGE
TO
MEMORANDUM
OF UNDERSTANDING BETWEEN
PEOPLE FOR THE PARKS PALM SPRINGS
FOUNDATION, I
NC.
AND
THE CITY OF PALM SPRINGS
PEOPLE FOR THE PARKS PALM
SPRINGS F
OUNDATION, INC.
CITY OF PALM SPRINGS
By: ___________________________
David Feltman, President
Da
te: ___________________
By: ___________________________
Scott C. Stiles, City Manager
Da
te: ___________________
By: ___________________________
Jana Balik FitzGerald, Secretary
Da
te: ___________________
ATTES
T:
By:
___________________________
Brenda F. Pree, MMC, CERA, City
Clerk
APPROVED AS TO FORM:
By:
___________________________
Jeffrey S. Ballinger
City Attorney