The issue of whether a private entity that receives less than 66 percent of its budget from governmental sources is principally supported by public funds must be considered on a case-by-case basis. The receipt by a private entity of public money derived from arm's length transactions, without any other source of public funds, should not be included in determining the private entity's status as a public body under FOIA. As such, the Peninsula SPCA is not a 'public body' and therefore is not subject to the records and meeting requirements of FOIA.