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AGENDA ITEM #10.4 <br /> City of <br /> Pc not <br /> Lakes <br /> REPORT TO <br /> CITY COUNCIL <br /> Report Prepared by: Nancy Malecha <br /> Date: July 6, 2017 <br /> Subject: Friends of the Pequot Lakes Library Request <br /> Report: The Friends of the Pequot Lakes Community <br /> Library (FOPLCL) have submitted a request for the City to <br /> return monies in the amount of$123,661.38. The FOPLCL <br /> noted that at the time of their incorporation they were <br /> incorrectly advised that a 501(c)3 organization could not <br /> directly invest donated monies received. Through the <br /> years, the FOPLCL donated monies to the City to be used <br /> for daily operating and endowment purposes. The current <br /> cash balance in the Library Fund is at $174,619.63 and <br /> these funds are allocated between the City's CD, checking, <br /> money market, and asset portfolio accounts. Attached are <br /> two memorandums from the FOPLCL for your review. <br /> I contacted the City's Auditor and Attorney to obtain their <br /> advisement as to if these requested funds can be returned to <br /> the FOPLCL. Both the City Auditor and Attorney agree <br />