Lantana Library Foundation (continued p. 2)

      Recognition of Donors

      1. The Foundation will provide permanent recognition of significant donations, which may be cash, securities, real or personal property, or, in special cases, personal service.

      2. The Library Director will accept gifts from the Foundation in accordance with the Lantana Public Library Gifts and Donations Policy. The Board will present proposals for recognition and identification of donors other than those specified in paragraph 6 below to the Library Director who will review these and refer them as appropriate to the Lantana Public Library Advisory Board.

      3. The Library Director will approve proposed formats for any plaques, nameplates, inscriptions, or other recognitions with due consideration for the Library Building’s architectural style.

      4. The Board will consider individually proposals for the naming of rooms, locations, and other physical facilities and will make recommendations to the Library Director, who will refer them, with his or her recommendations, to the Lantana Public Library Advisory Board.

      5. The Board will consider proposals for naming any donated significant collections presented to the Foundation for the Library and will make recommendations for the Library Director’s approval.

      6. The Foundation will recognize the following four categories of significant donors by placing their names on the Library’s Window of Honor.

      a. The four categories of donors on the Window of Honor will be:

      Title Amount of Donation
      Library Benefactor $10,000
      Donor $5,000
      Patron $2,500
      Contributor $1,000

      b. Donors may qualify for any of the four categories by making a one time contribution, or with the Board’s approval, paying out a gift of a specified amount over a period not to exceed ten years for individuals and five years for corporations.

      c. The Treasurer will maintain records of donors’ contributions, and their cumulative total gifts to the Foundation will determine their placement within the four categories.

      Allocation of Funds

      1. The Board will plan short and long range allocation of funds by the Foundation to the Lantana Public Library with the advice of the Library Director regarding the Library’s needs and priorities.

      2. The Foundation will not replace the Town’s responsibility to support its Library by paying part of the Library’s operating budget.

      3. The Board will plan the allocation of funds in conjunction with the Library’s Long Range Plan and shorter term "wish lists" presented by the Library Director.

      4. The Foundation recognizes the important role of the Friends of the Library and will maintain communication with them to ensure that projects and grants of both bodies are complementary.

      5. The Board will establish an endowment to finance future library needs and will place in this endowment 50% of unrestricted gifts.

      Endowment

      1. The Board will establish an endowment and will place in it 50% of unrestricted gifts.

      2. Included in the endowment will be a Celebrate with Books fund to operate as described below:

      The Foundation will maintain a Celebrate with Books campaign encouraging individuals, groups, and businesses to celebrate significant persons by donating $500 or multiples of $500 to a Celebrate with Books Fund, the income from which will provide one book in perpetuity;
      The Treasurer will invest monies received and at the end of each year will present a check for 5% of the total value of the Fund to the Town for the purchase of library books. Should the Fund’s earnings in any year be less than 5% of the Fund’s total value, the Treasurer will report this to the Board, which will determine an amount, if any, to be provided.
      The Library Director will maintain a record of donors, amounts they have donated, the names of their honorees, any special subject areas specified by the donors and will select from books ordered for the Library one book for each $500 "account" in the Celebrate with Books Fund, following each donor’s indication regarding a special subject area he or she wishes to help build, and will place in the book a Celebrate with Books book plate designating the honoree and any brief message specified by the donor at the time he or she first made the gift.
      Investment of Funds

      Investment of Foundation funds will be made by the Treasurer only in investment vehicles approved by the Board.

      Amendments to Policies Manual

      The Board may amend this manual at any regular meeting by a three fifths vote of its voting members provided that the Board has received the proposed amendments in writing not less than ten (10) days prior to consideration.
       
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