Gift and Endowment
Scandinavia Public Library Mission Statement for Gift/Endowment Policy: We hope to earn trust of donors to the Scandinavia Public Library by investing their money wisely. The best interest of the library will always be considered in order to provide excellent service to our library patrons for many years to come.
Endowment Funds are gifts and bequests to the Scandinavia Public Library. The Library Board, with assistance of the Financial Advisory Committee, has established accounts for these gift or endowment funds.
The Financial Advisory Committee is an ad hoc committee which may make recommendations to the Library Board.
The gifts will be used for enrichment of the library and to maintain funds to stay open to the public for years to come.
The accounts will be managed by the Library Board. Contributions to the library will be accepted by the Library Director in accordance with the following guidelines.
1. All cash contributions to the funds shall be deposited to the respective account at the financial institution designated by the Library Board.
2. Potential donors may be offered a choice of options to allow flexibility in use, but specific enough to reflect the donor’s interest. Any gift or endowment given to the library shall be under the control of the Library Board and used under their discretion, while keeping the donors interest in mind.
3. These funds are intended for services, special equipment, improvements and unforeseen expenses the library may encounter in the years to come.
4. Income from these accounts will be added to the accounts for endowment. Part of the income, no more than 50% per year, may be used for library expenses if deemed necessary by the Library Board. Under extenuating circumstances, more may be spent if approved by Board members.
5. The Library Board shall approve all expenditures made from these accounts. A report on funds in the accounts with any income and expenses reflected will be made at least once per year.
6. All funds donated to the endowment/gift fund will be used for public purposes and are therefore tax deductible according to current IRS regulations.
Approved by the Scandinavia Public Library Board November 3, 2009.
Amended by the Scandinavia Public Library Board April 3, 2014.