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THE 2009 FINANCIAL ADVISORY COMMITTEE REPORT ON
THE FRIENDS OF THE COLUMBIA ASSOCIATION
COMMITTEE MEMBERSChair:James Howard, Long ReachVice-Chair:Dan Woodruff, Dorsey's SearchRoger Hultgren, Harper's ChoiceAlan Romack, Owen BrownCOLUMBIA, MARYLANDFEBRUARY 12, 2009
 
The 2008 Financial Advisory CommitteeFebruary 12, 2009Miles CoffmanChair, Planning and Strategy CommitteeColumbia Association, Inc.10221 Wincopin CircleColumbia, Maryland 21044Dear Mr. Coffman,Please accept the attached report from the 2008 Budget Committee on “The Friends of theColumbia Association.”As always, members of the Financial Advisory Committee are available for future consultationregarding this report or other matters the Board of Directors or the Planning and StrategyCommittee require. The other committee members and I sincerely appreciate the opportunity tohave served the Columbia Association and residents as members of the Financial AdvisoryCommittee and on their behalf, I remain,Respectfully,James P. Howard, IIChair, Financial Advisory Committee
 
The Friends of the Columbia Association1
Charge
The Columbia Association Board of Directors (Board) asked the Financial Analysis Committee(FAC) to analyze the best use of the Friends of Columbia 501(c)(3) nonprofit corporation as itrelates to CA's fiscal condition.
Recommendation
The Financial Advisory Committee recommends terminating the Friends of the CA and proceeding no further with developing a plan to collect and use tax exempt donations. TheCommittee bases this recommendation on the complexity of the political and economicenvironment and expects the return on investment to be lower than initially anticipated.
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