404. Monetary Donations, Memorials and Bequests
1. Monetary Donations, Memorials and Bequests
The library will gratefully accept donations or bequests of any amount. According to the Wisconsin State Statutes 43.58 (Power and Duties), “The library board shall have exclusive control of the expenditures of all money collected, donated or appropriated to the library fund.” Upon receiving notice of a donation, memorial, or bequest, the Board of Trustees will
evaluate what, if any, conditions are attached to the donation, memorial, or bequest. If the conditions are burdensome to the library the Board of Trustees will seek to negotiate modifications with the donor or court of competent jurisdiction. If that cannot be done, the donation, memorial, or bequest will be declined. Once a donation, memorial, or bequest is accepted subject to conditions, the Board of Trustees and staff will comply with the conditions and/or restrictions imposed. Compliance of the conditions will be reviewed annually. Acknowledgements will be sent to the donors. All monetary memorial donations will be acknowledged to the family of the person being memorialized. All donations will be deposited in a special gift fund. This fund will not be used for general operating expenditures, but only for special purchases or projects or for items specified by the donor All single donations of $2,500 or more will be brought before the Library Board of trustees who may then decide by majority vote to either place the funds
in the library’s general gift account or to create and transfer funds to an Endowment Agency Fund. The interest earned from the gift fund is to be added to the fund annually.
Money left to the library in a trust will be budgeted and spent in the same manner as money allocated by other sources. The trustee has sole responsibility for the investments of the trust but the Board of Trustees may request that investments be made to enhance income or growth. A quarterly trustee report will be available for review by the Board of
Amended: 06/19/07, 3/11/2020
Reviewed: 01/13/15, 08/8/17