4. Profit Sharing and Event Revenues

City Commission Meeting · 2026-06-11 · agenda_item

This item concerns a proposed Memorandum of Understanding (MOU) between the City of Palatka and Palatka Newtown, Inc. regarding co-sponsored events and fundraising for a facility. The agreement outlines profit-sharing for co-sponsored events, including event budgets, revenue and cost allocations, and in-kind contributions. Both parties agree to at least one major annual fundraising event to help offset the City of Palatka's $25,000 annual contribution. Net proceeds from this event will first offset the City's contribution, with any remaining funds divided equally. The City will also receive ten percent of donations raised by Palatka Newtown, Inc. through museum-related fundraising activities, excluding restricted grants and processing fees. Palatka Newtown, Inc. will provide quarterly financial statements and remit amounts due to the City within thirty days of each quarter's end. This item is currently under review by the City Commission. The potential work involves event planning, fundraising coordination, financial accounting, and administrative support services. Contractors, suppliers, and service providers in event management, fundraising, and financial services may find opportunities by engaging early before specific event plans and financial arrangements are finalized.

annual contribution

25000.00 City of Palatka

percent

10 percent

days

30 days