4.0 Special Funds
The Evanston Public Library established the Library Endowment in 1907 to provide, in perpetuity, a reliable source of income to support special projects and the acquisition of Library materials, equipment and capital improvements. It was expressed by the Board of Trustees that the Endowment supplement and enhance the Library’s collections, operations and facilities, never to diminish in any way the funding for the Library that is provided by federal, state or local governments. The Endowment Fund has grown to include numerous distinct funds, most of which were established in honor or memory of an individual.
4.1.1 Investment Management
The Library Endowment will be administered by an Investment Manager, chosen at the direction of the Executive Director or their designee and in coordination with the Finance Committee of the Board of Trustees and voted on by the Board of Trustees.
Distributions from the Fund to the Library shall be made annually, in accordance with the Investment Manager’s Investment and Spending Policy as agreed to by the Executive Director and the Board of Trustees. The Library may request distributions in excess of the spending policy in any year. These requests must be considered and given due consideration by the Investment Manager and the Investment Manager must not unreasonably withhold its consent or deny a request.
4.1.3 Fund Reporting
The Executive Director or their designee will monitor monthly fund statements and fund activity and give monthly reports to the Library Board. The Investment Manager will provide fund reports to the Library Board annually.