Warren-Newport Public Library District
Lake County, Illinois
Board of Trustees
Expendable Trust Fund
Adopted: February 14, 1995
Reviewed/Revised: January 12, 1999; April 10, 2003*; October 18, 2011; May 20, 2014;
March 16, 2017; December 19, 2017; January 21, 2020; October 17, 2023
*Title changed from Endowment Fund to Expendable Trust Fund
ARTICLE 1. STATEMENT OF PURPOSE
The purpose of the Expendable Trust Fund of the Warren Newport Public Library District
(WNPLD) is to provide financial support for WNPLD, thus enabling WNPLD to enhance services
ARTICLE 2. GOAL AND USE OF FUNDS
Section 2.01 Goal
The goal of the Expendable Trust Fund is to establish a fund that can be used to enhance the
services provided through tax support.
Section 2.02 Use of Funds
The monies in the Expendable Trust Fund shall be used primarily for library materials, technology,
programming, capital improvements, public information campaigns, and solicitation of additional
contributions to the Expendable Trust Fund.
Section 2.03 Transfer of Funds
The Board of Trustees retains discretion for expenditure of unrestricted contributions to the
Expendable Trust Fund, which may include transferring a percentage of those funds to the
WNPLD Endowment Fund. This decision will be considered by the Board at the end of each
ARTICLE 3. CONTRIBUTIONS AND GIFTS
Section 3.01 Forms of Contributions and Gifts
The Expandable Trust Fund can accept gifts and contributions in the form of cash, insurance
proceeds, marketable securities, or real estate.
Section 3.02 Marketable Securities and Real Estate
A gift of marketable securities or real estate will be sold as quickly as is reasonably possible to
avoid market fluctuations, and the proceeds added to the Expendable Trust Fund.
Section 3.03 Restricted and Unrestricted Gifts
Gifts may be restricted to specific purposes. Absent specific instructions from the donor, all
unrestricted contributions received by WNPLD will be placed in the Expendable Trust Fund.
Unrestricted gifts and/or grants to the Expendable Trust Fund from individuals, foundations, or
corporations are encouraged.
Section 3.04 Deferred Gifts
Deferred gifts may be in the following forms:
• gifts by will made either through outright bequests or through bequests creating trusts with
the income going to the beneficiary (beneficiaries) and the remainder to the Expendable
• life insurance gifts in the form of a new or existing life insurance policy designating the
Expendable Trust Fund as the beneficiary and/or the owner of the policy;
• life income gifts, which are a current transfer of cash and/or securities from which the
donor retains the right to annual income.
Section 3.05 Confidential Gifts
At the request of the donor, the nature of the gift and/or the identity of the donor will remain
confidential to the extent permitted under relevant local, state, and federal regulations. If no
request for confidentiality is made, WNPLD may disclose the identity of its benefactors.
Section 3.06 Acceptance and Naming
The Expendable Trust Fund provides an avenue for accepting and organizing gifts and
contributions received by WNPLD. Gifts may be retained in the name of a specific individual(s).
ARTICLE 4. INVESTMENT AND EARNINGS
Investment of the Expendable Trust Fund will be made in accordance with laws governing
investment of public funds. Expendable Trust Fund earnings may include both interest income
and dividends. Absent specific restrictions on the use of earnings, the Board of Trustees will
determine appropriate uses for Expendable Trust Fund earnings.
Specifically named funds and the general Expendable Trust Fund will be invested either
separately or on a combined basis to take advantage of the best available investment options.
ARTICLE 5. ACCOUNTING AND REPORTING
The Board of Trustees approves expenditures from and restricted donations to the Expendable
Trust Fund. Fund balances will be reported to the Board monthly. The Expendable Trust Fund
will be included in the annual independent audit of WNPLD. The Expendable Trust fund will
operate as an expendable trust fund under current auditing definitions and regulations.