Source: http://www.westfordlibrary.org/Pages/JVFletcherLibrary_Trustees/S03287142-03287199
Timestamp: 2019-04-25 12:30:28+00:00

Document:
The Board of Trustees of the J. V. Fletcher Library hold and control Trust Funds and bequests donated to the Board or Library by grateful and civic-minded individuals and organizations wishing to contribute to the quality of the Westford public library. The Board embraces the well-established principle that library trust funds and bequests must not be used to offset municipal budgetary shortfalls; the J. V. Fletcher Library must be supported by public funds allocated through the municipal budgetary process. The J. V. Fletcher Library Board of Trustees affirms that the following funds are designated solely for the enhancement and enrichment of public library services.
The Board of Trustees of the J. V. Fletcher Library administers six trust funds created from bequests and gifts to the Board and from sale by the Board of physical assets. The uses allowed for each funds principal and income are controlled by a variety of restrictions placed upon the funds by the original grantors.
#672, Library Trustee Fund: For any purpose deemed worthwhile by the Trustees, but especially for preservation and conservation of collections and assets, due to the creation of this fund from the sale of Trustee assets.
#673, All-Purpose Fund: For any purpose deemed worthwhile by the Trustees; created from undesignated gifts of donors.
#674, Book Fund: For purchase of books, tapes, art works and related materials; created from designated donor gifts for the purchase of print and non-print collections.
#675, Lecture Trust Fund: To fund museum passes, lectures, programs, and similar events; created from the gift of Mary Atwood for the purpose of giving lectures.
#676, J. V. Fletcher Library Trust Fund: For any purpose deemed worthwhile by the Trustees (both principal and income); formerly the account receiving state aid monies.
#677, Ellen D. Rainville Continuing Education Fund: To support the continuing education efforts of any member of the library staff; created from the gift of Ella LaMontagne and so named by the Board in appreciation of Ellen Rainville's work on the 1986-88 addition and renovation.
The primary investment goal for trust funds shall be the conservation of capital. The secondary goal shall be the maximizing of income from investments.
In keeping with the policy the Treasurer shall seek out and invest in suitable financial instruments of the type generally accepted to be appropriate for the investment of public or governmental monies.
To prevent the deterioration of capital due to inflation, the Trustees shall consider the reinvestment of a portion of the income from investments. The exact amount will be determined annually.
By Board vote on 11/4/2002, library trust cash funds shall be pooled for investment purposes with other trust funds and Town monies, e.g., the Stabilization Fund. By the same vote, the Board has delegated the choice of investment instruments and institutions to the Town Finance Director or his/her designee. The Trustees reserve the right to withdraw these funds from the Town investment pool and to invest them independently.
Town funds are currently invested at Mellon Asset Management Company (as of 7/1/01). Monthly statements are sent to the Town Finance Director.
Library trust cash funds shall be accounted for separately by the investment institution(s), and shall be reconciled with records maintained by the Board Treasurer or his/her designee, the Library Director.
Library trust fund cash accounts shall be audited annually by an independent agency.
The Trustees reserve the right to expend funds for any good cause, regardless of the above prioritization, depending upon the nature and severity of needs that may arise from time to time.
The Board of Trustees of the J. V. Fletcher Library holds securities which are gifts and bequests from donors over time. These securities are held in the "Benefactors Fund" and comprise the original gift of William C. Roudenbush in 1967 as well as stock donated by Gordon Seavey in 1986.
The primary investment goal for securities shall be growth and the increase of principal.
By vote of the Board on 5/3/04, securities held as of that date shall be invested with T. D. Waterhouse and managed by Carpenter Associates per the recommendation of the Board Treasurer and Trustee Finance Committee. Dividends and interest shall be re-invested in the fund portfolio and any future undesignated stock gifts shall be aggregated to this fund. The Board Treasurer, after consultation with reputable investment advisors, shall periodically recommend to the Board whether securities held by the Trustees should be exchanged for other securities or otherwise invested.
The Benefactors' Fund shall be deemed expendable only under emergency conditions or for capital needs. A unanimous vote of the Board of Library Trustees shall be necessary for expenditure from this fund.
The authorization of the majority of the Board present and the signature of the Trustee Treasurer shall be required for any withdrawal, dividend deposit or expenditure of trust funds, and for the sale, purchase or exchange of securities.

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