A. ENDOWMENT FUNDS
Endowment funds are gifts and bequests to the Hustisford Public Library not specifically designated for current expenditure. They are presented in order that improved or special services, programs, and materials may be made available to the Library.
B. ADMINISTRATION OF ENDOWMENT FUNDS
1. Endowment Funds are exclusively under the control of the Board of Trustees of the Hustisford Public Library, under the provisions of secs. 43.58(1) and 43.58(7)(a) Wis. Stats.
2. Endowment Fund Income shall be kept separate from the regular library budget, and no part shall be spent for on-going maintenance or operational cost. No budget reductions shall occur because of the existence of these funds. It is not mandatory that income be spent in the year received. It may be accumulated and added to the principal. Any such addition will be entitled “Accumulated Income Functioning as Endowment.”
3. The Endowment Fund may not be considered to reduce the local municipality’s fiscal responsibility for the yearly operational budget.
4. The Board of Trustees shall approve all expenditures to be made from the Endowment fund. The President and Financial Secretary shall sign all withdrawals from the Endowment Fund.