The Endowment Fund Committee shall make recommendations to the library department regarding expenditures from the fund, and shall also make recommendations concerning its maintenance and increase. The committee's recommendations for expenditures must be confirmed by a simple majority vote of the department. The committee shall prepare an annual report to be submitted to the department no later than the last regular department meeting of the spring term. This report shall provide a summary of the year's activity and the fund's financial status. The Foundation retains financial fund advisors who invest these monies according to guidelines established for the Foundation.
Emphasis is placed on principal safety and long-term income.
These advisors report to the Foundation regarding earnings. The Foundation Board establishes policy for investment and the Foundation office reports to the university's various fund accounts. A separate account has been established for this fund, so that the fund committee can be informed of its status. Library staff members will aid in the support of the fund and work to enhance its growth and purposes. The Endowment Fund Committee may refuse any gift or donation that is not consistent with the purposes of the fund or the mission of the library.