Warren-Newport Public Library District
Lake County, Illinois
Board of Trustees
Adopted: November 21, 2017
Reviewed/Revised: February 18, 2020
ARTICLE 1. STATEMENT OF PURPOSE
The purpose of the Endowment Fund of the Warren-Newport Public Library District (WNPLD) is
to provide ongoing financial support for WNPLD, thus enabling WNPLD to enhance services to
ARTICLE 2. GOAL AND USE OF FUNDS
Section 2.01 Goal
The goal of the Endowment Fund (the Endowment) is to build an asset base that generates
earnings that can be used to pay for special projects that would otherwise be difficult or
impossible for WNPLD to fund.
Section 2.02 Use of Funds
To increase the asset base, all earnings for at least three (3) years after the Endowment is
established will be added to the asset base. Following this initial period, the annual budgeting
process will include the Board of Trustee’s designating a project or projects to be completely or
partially funded by the earnings generated by the Endowment during the previous year.
Earnings from multiple years may be allocated to the same project. While the intent is that the
earnings be allocated to one or more WNPLD projects each year, if the Board chooses not to
fund any projects, the earnings from the previous year will become part of the asset base of the
ARTICLE 3. CONTRIBUTIONS AND GIFTS
Section 3.01 Forms of Contributions and Gifts
The Endowment can accept gifts and contributions in the form of cash, insurance proceeds,
marketable securities, or real estate.
Section 3.02 Stocks and Real Estate
A gift of marketable securities or of real estate will be sold, and the proceeds will be added to
the Endowment’s asset base. Any interest or dividends received on marketable securities during
the time between its donation and its sale and any rent received for real estate during the time
between its donation and its sale will become part of the Endowment’s asset base.
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Section 3.03 Confidential Gifts to the Endowment
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 proudly disclose the identity of its benefactors.
ARTICLE 4. ACCOUNTING AND REPORTING
The Board of Trustees approves expenditures from the earnings of and acceptance of restricted
donations to the Endowment. Balances in the Endowment will be reported to the Board of
Trustees annually. The Endowment will be included in the annual independent audit of WNPLD.
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