Title
Dept./ Agency: Office of the Mayor
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Memorandum of Understanding
Purpose: To serve as the Fiscal Sponsor for the City of Newark in regards to the Guaranteed Income Pilot Program.
Entity Name: Community Foundation of New Jersey
Entity Address: Morristown, New Jersey 07960
Contract Period: September 1, 2020 through December 31, 2024 or until the Guaranteed Income Pilot Program is complete, whichever comes first
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale () Grant ( ) Sub-recipient (X ) n/a
Additional Information:
This Memorandum of Understanding (MOU) is related to Legistar File ID #21-0363 and both items shall be introduced together.
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WHEREAS, the Reinvent Stockton Foundation (RSF) and Mayors for Guaranteed Income (MGI), both located at 110 North San Joaquin Street, Stockton, California 95202, established in January 19, 2017 is premised on the principle that everyone needs and should have an income floor through having a Guaranteed Income Program; and
WHEREAS, on December 22, 2020, the Municipal Council adopted 7R7-a, which ratified and authorized the Mayor and/or his designee to accept grant funds in the amount of One Hundred Thousand Dollars and Zero Cents ($100,000.00); and
WHEREAS, RSF notified the City of Newark (the "City") of an additional award of Five Hundred Thousand Dollars and Zero Cents ($500,000.00) for the Guaranteed Income Pilot Program (the "Program") for a total grant amount of Six Hundred Thousand Dollars and Zero Cents ($600,000.00); and
WHEREAS, due to this engagement, MGI engaged Community Foundation of New Jersey ("CFNJ"), of Morristown, New Jersey 07960 to be the Fiscal Sponsor for the Program, and provided Six Hundred Thousand Dollars and Zero Cents ($6...
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