Board of Directors
Board members serve for a five year term.
|Diane Ames, President||2013|
|Russ Ruthig, Vice President||2017|
|Linda Eberly, Secretary||2013|
|Dr. Mark L. Martin, Treasurer||2015|
Spending, Investment, and Gift Policies
The Cortland Free Library Endowment Fund is the result of many gifts of varying size and levels of restriction. When the trustees put the fund under professional management it was decided to treat the funds as one for investment purposes in order to gain the benefits of a more diversified investment portfolio. Each individual endowment is expressed as a percentage of the whole fund. The percentages will change as new additions are made to the endowment. For spending purposes the income is currently allocated as follows:
55%- Restricted to books and library materials
10%- Restricted to furniture & fixtures
35%-Unrestricted – For other operating expenses of the library
These percentages will be recalculated annually and documented in the board minutes.
The Spending Rule
The intention of the Board of Trustees is to prudently manage the endowed funds to provide payments of about 4% of a 4 year moving average of the endowment fund balance to support the operation of the library. This rate of expenditure is intended to protect the endowment’s principal while still providing much-needed funds for the library’s operation.
Amendment (passed June 11, 2008)
Ten percent of the endowment fund is to be devoted to building projects. Allocation is as follows:
55% – Restricted to books and library materials
10% - Restricted to furniture & fixtures
25% – Unrestricted – For other operating expenses of the library
10% – Unrestricted – For building repairs
It is the policy of the Library to invest funds in a manner that will maximize the security of the principal while providing balanced growth of the principal and income to satisfy cash flow demands using methods which persons of prudence, discretion, and intelligence might exercise in the management of their own affairs in order to provide the best return. All investments will conform to applicable laws and regulations governing the investment of public funds.
Passed on May 14, 2008
The Library recognizes the great importance of gifts and donations to its development and growth. Without individual donation, the current library building would not exist. The library welcomes gifts of money, library materials, furnishings, or real property. These gifts are an important part of the library’s resources. Monetary contributions in the amount of $500 or more are added to the Library’s Endowment Fund, which is administered by the Cortland Free Library Board of trustees for the purchase of materials or programs not included in the operating budget. Restricted gifts can be accepted only with the approval of the library board of trustees. All unrestricted gifts may be used, sold, or disposed of in the best interest of the library. Donations are accepted only if the library director and the board of trustees determine that acceptance is in the best interest of the library.
Gifts of cash, securities, real property and bequests that support the mission of the library will be handled by the library director who with the library board of trustees will work out terms of acceptance that are compatible with library policies, the donor’s intent and any applicable laws. Legacies and endowments left in trust of the board of Trustees shall be invested in the Cortland Free Library Endowment in accordance with the library’s investment policy. Unrestricted monetary gifts of less than $500.00 will be deposited in the Trustees Fund to be used at the discretion of the Library Board of Trustees.
Accepted on February 10, 2010 by the Board of Trustees