Chatfield Public Library Endowment Fund Policy
The Endowment Fund of the Chatfield Public Library was established in 2005 as the direct result of a generous bequest from the estate of Alice and Andrew Groen. This fund’s purpose is to secure the future of the Chatfield Public Library by supporting the fulfillment of its Vision and Mission.
The Chatfield Public Library will continue to be a welcoming and friendly center for the Chatfield area community. The library’s future includes preserving the Carnegie Library heritage, individualized services to patrons, technological advancements and quality programs. This vision will be realized through responsible fiscal stewardship and maintaining a flexible position of change and innovation.
The Chatfield Public Library serves as a vibrant community center which meets the various and ever changing needs of all Chatfield area community members. Services are specialized, individualized and relationship-focused to provide a high quality and positive experience. Patrons can expect friendly and knowledgeable staff, non-biased service and a comfortable physical environment.
Specific objectives of the Endowment Fund are:
- a permanent source of financial support for the Library;
- a financial reserve against a serious financial shortfall due to unforeseen events; and
- seed money for capital projects approved by the Board of Trustees.
Allocation of Donations
The Board of Trustees, with recommendations from the Library Director, will determine whether funds received by the Library through donor contributions are intended for the Endowment Fund, the annual operating budget or special projects. The Board of Trustees will honor the individual donor’s specific use of funds if The Board determines that such use supports the Library’s Vision, Mission or Goals.
Endowment funds are held in accounts managed by the finance staff of the City of Chatfield. The funds shall be invested in such a way as to assure current income as well as long-term growth.
Endowment funds shall be used at the discretion of the Library Board of Trustees primarily for Library needs and enhancements above and beyond those funded by the Library’s budget.
The Board of Trustees shall review the Endowment Fund Policy annually at the May Board meeting and the Board reserves the right to amend this Endowment Fund Policy at any time.
Adopted by the Chatfield Public Library Board of Trustees by unanimous vote of approval on 11/18/2010.