The writer wants the ownership relationship to be unmistakable.
Opening: A municipal review compared the finances of two independently governed cultural organizations. The Riverton Arts Council funds workshops, while the Pine Street Archive preserves local records.
Continuation: The appendix analyzes the [Riverton Arts Council and Pine Street Archive budgets] in separate columns. The organizations do not pool revenue or approve one another's spending.
Which option makes clear that each organization has an independent budget?