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Changes are now underway at Fair Park after an audit determined $5.7 million donated for capital projects was misused for operating expenses.
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Effective immediately, Fair Park First selected the Dallas Foundation to manage current and future donations.
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The new partnership between Fair Park First and the Dallas Foundation is happening to protect donor money and ensure that there are safeguards against any misappropriations.
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Changes are now underway at Fair Park after an audit determined $5.7 million donated for capital projects was misused for operating expenses.
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Effective immediately, Fair Park First selected the Dallas Foundation to manage current and future donations.
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The new partnership between Fair Park First and the Dallas Foundation is happening to protect donor money and ensure that there are safeguards against any misappropriations.
DallasFollowing an audit that revealed the misappropriation of millions of donated funds, Fair Park is currently undergoing additional reforms.
“The community, by which I mean the greater community and its surrounding residents, wants to ensure that the promise is fulfilled. Fair Park First’s board chair Veletta Forsythe-Lill stated, “This is part of keeping the promise.”
Forsythe-Lill is trying to restart the development of a long-delayed communal park in Fair Park.
“The next major project we are working on is this communal park that we intend to construct. Because of its history and past events, it holds great significance for the community,” she said.
This follows an audit that revealed $5.7 million intended for capital projects was diverted to operations or other unauthorized costs.
Report alleges $5.7M donated for Fair Park improvement was misused
FOX 4 is uncovering more about the financial issue that is holding back promises to the community, about 24 hours after Fair Park First delivered a long-awaited accountant’s report.
Restricted donor monies will now be managed by the Dallas Foundation.
“We are a fiduciary and we follow donor intent and have pretty strict compliance around all the funds and how they are used,” stated Julie Diaz, the president and CEO of the Dallas Foundation.
This will prevent the Oak View Group, a for-profit organization that is suspected of squandering the funds for running expenditures, from accessing them.
That assertion is disputed by Oak View Group.
Management group disputes claim that $5.7M donated to Fair Park was misspent
Dallas City Council members want adjustments in response to claims that a donation of $5.7 million to Fair Park was misused.
“Oak View Group used to have access to all operating monies, whether they were limited or unrestricted. They just handle direct operating costs now,” Forsythe-Lill stated.
Since its establishment in 1929, the Dallas Foundation has been tasked with investing and allocating monies to donors for capital projects.
“This relationship ensures that there is trust with our organization and that we will do what we intend to do,” Forsythe-Lill stated.
The initial goal is to start construction on the community park shortly.
Renderings of the Fair Park community park
“In the spring, we planned to finish the design. In 2025, we want to start construction as soon as Big Tex retires,” she stated.
About a year later, in December 2026, the park is anticipated to have its grand opening.
However, more needs to be done to guarantee the viability of Fair Park First and its partnership with manager Oak View Group.
“What we re doing right now is the beginning of the resolution of issues, not the end,” said Forsythe-Lill.
Forsythe-Lill stated that the city’s new budget, which recoups maintenance costs on the 277-acre site, can address the Oak View Group’s acknowledged discrepancy between revenue and operational expenses.
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In order to compile information for this story, FOX 4’s Lori Brown spoke with Julie Diaz, president and CEO of the Dallas Foundation, and Fair Park First Chair Veletta Forsythe-Lill. She also consulted previous news reports.
In order to compile information for this story, FOX 4’s Lori Brown spoke with Julie Diaz, president and CEO of the Dallas Foundation, and Fair Park First Chair Veletta Forsythe-Lill. She also consulted previous news reports.
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