Pound Ridge Library Monetary Gifts Policy
Purpose: The purpose of this policy is to outline the procedures and guidelines for accepting, managing, and utilizing monetary gifts and donations to the Pound Ridge Library. This policy is designed to ensure that donations are used effectively and in a manner that best serves the interests of the library and the community.
Policy Statement: While the library may not actively solicit funds, it is open to accepting gifts of any amount from donors who wish to support the library’s mission and enhance its services and facilities. All monetary gifts will be managed directly by the library to ensure effective use of funds.
1. Acceptance of Monetary Gifts:
At its discretion, the library may accept monetary gifts from individuals, corporations, foundations, and other entities. There is no minimum or maximum limit on the amount of monetary gifts that can be accepted. Donors may specify the purpose for their gift, such as funding specific projects, programs, books, equipment, or general support for the library.
2. Use of Donations:
All monetary gifts will be used in accordance with the donor’s intent as feasible. If the donor does not specify a purpose, the funds will be used at the discretion of the Library Director and the Board of Trustees to meet the library’s needs. Donations earmarked for specific projects will be applied directly to those projects and managed by the Director and approved by the Board.
3. Acknowledgment and Recognition:
The library will provide a written acknowledgment to all donors for their contributions.
Donors will be recognized in a manner consistent with their wishes.
4. Management of Funds:
All monetary gifts will be deposited upon receipt into the Library’s accounts. Each individual monetary gift will be tracked separately within the library’s budget. The Library Director and the Board of Trustees will oversee the management and allocation of donated funds to ensure they are used effectively and in consideration of the donor’s intent.
5. Transparency and Accountability:
The library will maintain transparent records of donations received and their use.
6. Policy Review:
This policy will be reviewed by the Library Director and the Board of Trustees every five years to ensure it remains effective and aligned with the library’s goals and community needs.
Revised and approved by the Pound Ridge Library Board of Trustees, May 13, 2003
Policy approved by the Pound Ridge Library Board of Trustees, May 9, 2006
Policy approved by the Pound Ridge Library Board of Trustees, November 10, 2009
Policy approved by the Pound Ridge Library Board of Trustees, December 20, 2011
Policy revised and approved by the Pound Ridge Library Board of Trustees on August 22, 2024
