Gifts will not be used for continuing costs of operation except where specific programs are not suitable for public funding or when specified by the terms of the gift. This fund will be managed by the Clerk-Treasurer of the City of New London as directed by the Board of Trustees at no cost for administration. Potential donors may be offered a choice of options to allow some flexibility in use, but specific enough to reflect the donor's interest whenever possible. Any gift or endowment given to the library or museum shall be under the control of the Board of Trustees and be used under its direction. These funds are intended for programs, services, special equipment, collections, automation, improvements to facilities and grounds of the library or museum respectively, which are not part of the normal operation budget.
Monetary gifts are always easiest to designate and control.
If a donor is considering a gift of a collection, stock, real estate, or any other type of specialized giving, it is recommended that the Board of Trustees, together with the Trust Officer, be designated to have full power to convert such type gifts to cash. The proceeds will then be added to the endowment funds and used in accordance with the donor's wishes and recommendations of the Board of Trustees. Any funds generated by a Friends group are not to be deposited into endowment funds accounts. No part shall be spent for on-going maintenance or operational costs. All gifts shall be acknowledged by the respective recipient.