Monetary Gifts

Overview
The Library shall accept monetary gifts, contributions and bequests within the guidelines of the Town Ordinance, Library Mission Statement and the Hampden Ordinance, Sections 2.2(b) states that:

“The Board of Trustees may also accept gifts and donations to the Library either in trust or outright, and may act as trustee of any donations or gifts in trust. In the event the Board accepts any gifts or donations in trust it shall at all times be consistent with the terms of the trust or gift. The responsibility of the Board for gifts or donations in trust may not be delegated to a lesser committee of the Board.”

All contributions to the Library are tax deductible to the full extent of the law.

Acknowledgement of Donations
The Library Director or the Chairman of the Board of Trustees shall promptly acknowledge, in writing, all monetary gifts made to the Library.

Any single donation of $1,000.00 or greater to the Endowment Fund shall be acknowledge by adding the donor to the plaque of contributors. This plaque shall be maintained in a public place in the Library. Books and other materials purchased with contributions shall carry a bookplate or label with the donor’s name unless the donor requests otherwise.

The Board may recognize any gift in such additional manner as it may deem appropriate under the circumstances.

Management of Donations
The Library Director shall maintain accurate records of monetary gifts, their investment and/or their expenditure. These records shall be available for inspection by the Board of Trustees, the Town of Hampden and the Town auditors.

Investment and expenditure of monetary gifts shall be managed by the Library Director. Funds shall be organized as follows:

  1. Donors may choose the terms of their donation with the guidelines of the Ordinance and Mission Statement.
  2. The Trustees shall maintain in perpetuity an endowment fund. The endowment fund shall be the collective contributions of donors. The Trustees shall establish the necessary mechanisms to maintain this fund.
  3. Single monetary donations of $10,000.00 or more may be maintained as separate funds, if the donor so wishes.
  4. Funds shall be deposited with a financial institution in a manner which will achieve a reasonable rate of income while still preserving principal and having the assets reasonably available.

Expenditure of Donated Funds

  1. No part of restricted principal or restricted income of any monetary donation shall be used for any purpose other than the purpose specifically stated by the donor.
  2. Unrestricted income and principal may be used for any unbudgeted purpose deemed appropriate by the Board of Trustees.

Adopted by the Board of Trustees 11/15/1995; revised 5/11/2011; reviewed 5/13/2021.