Policy Adopted February 23, 2004

I. Introduction/Purpose

(A) From time to time, moneys are donated to the Lakes Country Public Library, either as gifts or bequests, by friends, citizens, and/or organizations of the community. These resources, at the stipulation of the donor, then become part of what is known as the Endowment Fund.

(B) Certain stipulations regarding the use and acknowledgment of these donations may be provided by the donor. It is the obligation of the Board of Trustees to insure that these are honored, at least insofar as they are consistent with the library's mission, ordinances of the Town of Lakewood , and the laws of the State of Wisconsin. The Board reserves the right to refuse any donation that does not meet the above criteria.

(C) The purpose of this policy is to establish a regular procedure for receipt, management and disposition of funds or other properties that are received by the library as bequests.

(D) The general charge to the Board is therefore to manage and otherwise direct the collective resources of the Endowment Fund in such a way that is most consistent with the interests of donors, the library, and relevant governing bodies.

II. Management

(A) The Library Board shall be responsible for educating the community regarding planned giving, and, in accordance with 43.58 (7) of the Wisconsin State Statutes, for authorizing disposition of gifts received according to this policy, and for overseeing the prudent management of the endowment fund of the Lakes Country Public Library.

(B) The funds are to be held in accounts managed by the Lakes Country Public Library. Investment policies and endowment fund earnings shall be reported to the board on a quarterly basis.

III. Use of Assets and Earnings/Accountability

(A) The Endowment Fund shall be sustaining, with the Board of Trustees spending only the interest generated in the previous calendar year.

(B) Although individual projects may target a specific group, the long-range goal for the use of endowment moneys is to fund a variety of innovative projects that benefit and are accessible to the library's entire constituency.

(C) The selection guidelines set forth in the library's Collection Development Policy shall be used as the criteria for selecting materials to be purchased with endowment funds.

(D) A subcommittee of the Board will meet in January of each year to determine how available funds are to be used. Its recommendations will need to be ratified by the full board.

(E) A report of endowment fund expenditures for each year will be announced and publicized during National Library Week in April.

(F) Financial status of the Endowment Fund, including receipts and disbursements and other pertinent information, will be reported to the board and the Division for Library Services on an annual basis.

IV. Changes and Amendments

(A) Changing times, unusual circumstances, and new ideas may dictate desirable changes in the Endowment Policy at some future time. However, this policy shall be designated as inviolate for a period of one (1) year from the date of its initial establishment or subsequent amendment.

(B) Any change to this policy shall require approval at two (2) consecutive regularly scheduled Board of Trustee meetings with the preannounced agenda of the specific proposal.

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First Reading December 22, 2003
Policy Adopted February 23, 2004