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6:/ .- " ,.- Gary Williams reported that Benson Snyder had been hired as Executive Director of the foundation in August 1979 and that at that time the foundation had contracted with the City as a separate, non-profit entity to provide fund- raising and support services for EPAC. He said that this agreement had been renewed and extended through December 1981. He said that the foundation had pledged to raise $75,000 for art work to be installed in the Performing Arts Center, $336,000 to build the shells of the rehearsal hall and community room, and $59,000 to build an orchestra pit in the small theater. The group had also promised and delivered the amount of $61,805 toward the first year's operation of the center. C. Interrelationship of the Foundation with Area Arts Organizations and the Eugene Performing Arts Center; and the Foundation's Arts Organiza- tion Loan Program Jim Williams said that the foundation has made $75,000 in low-interest loan funds available to support local performing arts groups. He said that this money is available in maximum amounts of $10,000 per organization for a 180-day period at a rate equal to half the current prime rate in Oregon. He reported that to date $27,000 in such loans have been made. Jim Williams said that the foundation hoped in the future to be able to make outright gifts. He said that the loan program had been developed in recognition of the indivisible relationship between the success of local arts organizations and the success of EPAC. He noted that two prime goals identified with EPAC were the provision of a service to the community through cultural and entertainment offerings and the provision of an economic stimulus for the area. D. The Foundation's Process for Establishing Goals and Priorities Mr. Wildish said that the primary goal of the foundation is to provide support for EPAC and for local arts organizations. He said that the foundation had given support during construction of the center by providing funds for the "extras" identified by Gary Williams. He said that the foundation had set an overall fundraising goal of $5.5 million, including $3 million for the capital needs of the center and $2.5 million for center operating expenses, support of major local performing arts organizations, and the operating budget of the foundation itself. E. The Foundation's Networks for Establishing Proper and Prudent Management of Funds Mr. Blind stated that at each of its monthly meetings, the foundation's board of directors reviews current financial information, including cash flow statements and cash flow projection statements. In these documents, contributions and pledged commitments of funds are also recorded. Mr. Blind said that in the past year the foundation's money had been invested in Money Market funds or high interest Certificates of Deposit. He said that an Investment Committee had recently been formed to advise the Director on investments and on disposition of real property received. Mr. Blind felt that the funds are in extremely good hands. MINUTES--Eugene City Council January 11, 1982 Page 2