Diamond Bar Friends of the Library
Endowment Fund Charter
Adopted June 30, 2012
- Name and purpose
- The name of the fund shall be "Book and Technology Endowment Fund" (BTEF).
- The purpose of the fund is to purchase books, materials and technology items not normally purchased through the Librarian's County budget.
- Books and materials include items in the printed and digital forms.
- Technology items includes, but is not limited to, anything that can be processed and read on a computer such as software, CD's, DVD, online database, subscription services for downloading books, homework help programs, and similar informational services and the hardware needed to operate such items. The Friends acknowledge that materials and products will be developed to meet the changing needs of the library as technology advances, and the library should use the funds to take advantage of new technologies.
- The Fund shall be managed by the Executive Board of the Diamond Friends of the Library. The Friends shall pay all administrative costs of any kind associated with the Fund from the Friend's General Fund.
- The Fund shall be maintained by the Vice President, Endowment Fund and reported to the Board yearly or as contributions or distributions are made, whichever occurs first.
- The Friends shall initially fund the BTEF with a transfer of $ 25,000 from the Friends' General or Reserve account.
- The Friends shall include as a regular line item of its budget, an annual contribution to the BTEF, with a minimum amount of one dollar ($1).
- Donations of any amount may be received at any time.
- Memorial contributions and all other donations to the BTEF shall be added to the corpus.
- A minimum of five percent (5%) of the annual earnings or a minimum amount in conformance to state law shall be disbursed to the Diamond Bar Library to effectuate the purpose of the fund.
- The Community Library Manager shall spend the disbursement according to the guidelines and purposes of the fund.
- In January of each year, the Community Library Manager shall provide the Board of Directors with an annual report of book titles purchased and an itemized list of technology purchases of the previous year.
- All books and items purchased from the BTEF shall include a bookplate or other identification acknowledging the Friends and the BTEF.
- In the event that the Diamond Bar Friends of the Library is dissolved or it becomes impossible to perform the purposes of the BTEF, the corpus of the BTEF shall be transferred in accordance as provided in Article III of the Bylaws of the Diamond Bar Friends of the Library.
Revised: January 2013