Investment Philosophy and Objectives
Restricted investment funds are funds restricted by the donor as to their use and are intended to provide for the long-term needs and requirements of the Library. Unrestricted funds are available to support current operating expenses or other needs of the Library.
Investment objectives of the Library’s endowment funds are to:
- Provide a reasonably stable and predictable flow of funds from the endowments to contribute to the support of the annual operating, endowment and restricted funds budgets
- Preserve capital
- Achieve the best available yields while investing only in investment instruments permitted by New York State General Municipal Law
Investment objectives of the Library’s unrestricted funds are to:
- Contribute, when necessary, to the support of the Library’s annual operating budget.
- Preserve capital
- Achieve the best available yields while investing only in investment instruments permitted by New York State General Municipal Law
Investment Policy
The Board of Trustees is ultimately responsible for the investment of the Library’s assets and the adoption and amendment of the Investment Policy. It may delegate the implementation of the investment program to the Finance Committee to:
- Review investment performance and compliance of the investments with policy guidelines
- Select, retain or terminate qualified investment professionals and service providers
- Review all investment costs and expenses
- Authorize or instruct financial managers on all buy/sell decisions made within the guidelines of this policy statement
- Monitor investment managers and authorize changes as needed
- Monitor the use of all funds for compliance with their permitted uses
Investments shall not have a maturity beyond the expected need for the invested funds.
Other than for use based upon current budget requirements all dividend and interest earned will be reinvested.
Spending Policy
The Treasurer shall recommend to the Board of Trustees the amount from the restricted and endowment funds that could be included in the annual budgets. It is anticipated that these amounts will not exceed the anticipated earnings of the fund balance for that year plus any prior year’s earnings not previously paid out.
Revised and approved by the Pound Ridge Library Board of Trustees, May 13, 2003
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 approved by the Pound Ridge Library Board of Trustees, April 2, 2013