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Endowment Policy

Revised March 26, 2013

Note that the Gift and Donations Policy, the Short-Term Funds Policy and the Investment Policy, co- exist with, but are separate from this Endowment Policy.


Expenditure Decisions and Permitted Purposes of Spending


Expenditures of Endowment funds shall be for:

  • purposes directed by the Grantor; and to the extent not in conflict with Grantor instructions:
  • for non-recurring expenses;
  • start-up programs;
  • extraordinary expenses;
  • expenditures to supplement a discretionary budget item or meet budget shortfalls/supplement the library operating budget.
  • In general, expenditures shall not exceed 4.5% of the Total Account Balance from the prior year, as calculated on the first day of the next fiscal year.

    Expenditures shall be proposed by the Library Director, in writing, and shall include a proposal outline, supporting rationale and an evaluation of compliance with Grantor restrictions.  This proposal shall first be presented to the Library Finance Committee and then upon their recommendation, forwarded, to the Library Board for approval.

    All of the above is subject to Grantor restrictions, if any.


    Other Matters
    1. Investments: Endowments shall be invested in accordance with the Library Investment Policy, except for circumstances where a grantor has dictated otherwise as part of the conditions of the Endowment.
    2. Endowments: shall be held in the main account unless the Grantor or the Grantor’s legal counsel requires a segregated account.
    3. Endowments with special investment policy and/or disbursement restrictions: shall be kept in segregated accounts.

    Reporting for Segregated Accounts and the main Endowment Account:

    For all Endowment accounts, there will be monthly reporting from the custodial financial institution, to the Library Director, who will distribute copies to the Library Finance Committee and the town Finance Director.

    Schedule B – Definitions

    Endowment: Funds received from a Grantor or per Library Board designation that are considered to be funds from which only the income shall be generally spent, in accordance with the instructions/restrictions of the Grantor and/or Library Board, if any.

    Grantor: A member of the public, a company, or other entity that has granted long-term funds to the Wethersfield Library.

    Total Account Balance: The beginning account balance at the start of the relevant period plus income, less expenditures in the period.


    Schedule C - List of Endowments & Summary Terms

    Jane Sjoman Living Trust:

    Bequest document dated May 27th 2010. Trust assets are a long-term Endowment for the Wethersfield Library, with income only, to be used for books or other items for the adult collection.

    Annually, at the June meeting, on the recommendation of the Library Board Finance Committee, the Library Board shall vote on the amount of money to take from the interest. No more than 90% of the annual interest income shall be spent in one year. Any income not expended will be used to increase the principal of the Sjoman Trust. The Library Director will recommend to the Board how the funds shall be spent and the Board will vote on that recommendation.


    Library Legacy Fund:

    Endowment fund established for the purpose of receiving endowment donations made to the Wethersfield Library.  Only the income from this fund may be used for purposes to be approved by the Library Board.

    Approved by the Library Board October 27, 2009
    Revised February 22, 2011
    Revised April 24, 2012
    Revised March 26, 2013