- Monetary Donations, Memorials and Bequests
The Library gratefully accepts donations, memorials, and bequests of any amount. Pursuant to Wisconsin Statute 43.58, “The library board shall have exclusive control of the expenditures of all money collected, donated, or appropriated to the library fund.” The Library Board of Trustees will review all gifts, whether monetary or in-kind, with an estimated value of $2,500 or more.
Upon receiving notice of a donation, memorial, or bequest, the Board of Trustees will evaluate any conditions or restrictions attached to the gift. If the Board determines that the conditions are impractical, burdensome, or inconsistent with the Library’s mission, operations, or policies, the Board will seek to negotiate modifications with the donor or, when applicable, through a court of competent jurisdiction. If mutually acceptable modifications cannot be reached, the Library may decline the donation, memorial, or bequest.
Once a donation, memorial, or bequest is accepted, the Library Board of Trustees and Library staff will comply with any agreed-upon conditions or restrictions. Compliance with such conditions will be reviewed annually.
The Library will acknowledge all donations. Monetary memorial donations will also be acknowledged to the family of the individual being memorialized.
All donated funds will be deposited into a designated gift fund. Gift funds will not be used for general operating expenses but will be reserved for special purchases, projects, or purposes specified by the donor. Donations of $2,500 or more will be presented to the Library Board of Trustees for review. By majority vote, the Board may elect to deposit the funds into the Library’s Memorial–Donation Fund Balance account (812-34107) or establish and transfer the funds to an Endowment Agency Fund. Interest earned on gift fund balances will be credited to the fund annually.
Trusts
Funds received by the Library through a trust shall be budgeted and expended in accordance with the terms of the trust and applicable laws. The trustee retains sole responsibility for investment decisions; however, the Board of Trustees may communicate its preferences regarding investment strategies intended to support income generation and long-term growth.
A quarterly report from the trustee detailing the status and performance of trust assets shall be made available to the Board of Trustees for review.
In-Kind Gifts
In-kind gifts may include, but are not limited to, books, artwork, equipment, furnishings, collections, real estate, or other tangible property. The Library reserves the right to evaluate all in-kind gifts to determine whether they are appropriate for the Library’s mission, available space, maintenance requirements, and operational needs.
The Board of Trustees will review all in-kind gifts with an estimated value of $2,500 or more before acceptance. Unless otherwise agreed to in writing as a condition of the gift, the Library reserves the right to use, display, store, sell, transfer, or otherwise dispose of donated property in a manner that best serves the interests of the Library.
Approved 08/10/1995;
Amended 06/19/2007, 3/11/2020, 06/25/2024, 06/24/2026
Reviewed: 01/13/2015, 08/08/2017, 06/29/2022