They of course would receive sympathetic hearing from the trust’s grant makers given the long history and the intense involvement of both the city of New Haven and the Community Foundation for Greater New Haven in the sale deal.
Under law, however, the bank could not simply funnel money to the clubs or the Friends without treating them the way they would any applicant, he said
The preparation of those grant applications is being facilitated by Jackie Downing of the Community Foundation for Greater New Haven. Until now they didn’t have to fundraise” Downing said.
Bayer pointed out that of the three entities, the Friends and the two clubs, only one is in possession of formal charitable 501(c)3 status.
Judge Forgione asked the status of the Friends’ non-profit credentials.
The Friends at this point raises and receive funds using the fiscal sponsorship of the Community Foundation, replied Friends’ attorney Ronald Pacacha.
“We’d hope that for the first few years, it would be a non-competitive process,” said Downing.
Bayer pointed out that the trust, which now must shift from an operating to a non-operating basis, but still give away 5 percent of its principal every year, would have about $38,000 to distribute.
If most of that were given to the clubs and the Friends, how should the trust respond, Bayer posed the hypothetical, if the city of New Haven sough support for a great new arts venture?
Several other participants reminded the court that the Friends had assembled more than 1,200 signatures for support, that the city is behind the group, as is the Community Foundation.
These issues, along with details of the closing, are to be discussed at the next status hearing, the seventh, scheduled in Judge Forgione’s court for March 24.
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