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TOWN OF BRIDGEWATER
POLICY
MUSEUM ENDOWMENT FUND
Policy No.
63
Approved:
October 22, 2001
Revised:
June 11, 2012
Resolution No.: 01-359
12-139
1.
Objective
(a)
The purpose of the Museum Endowment Fund is to accumulate financial resources
which will be invested for the future support of the DesBrisay Museum.
2.
Structure
(a)
The Fund shall comprise two parts, Fund A and Fund B.
(b)
All money which has been donated to the Fund with restrictions placed on its
investment or use will be placed in Fund A. Money which has been donated without
restrictions will be placed in Fund B.
(c)
Fund A will be restricted so that the capital of the fund will remain intact. Funds may
only be drawn from interest or capital gains, for the purpose of acquisitions for the
permanent collection or other special projects.
(d)
Fund B will be unrestricted so that capital, capital gains and interestmay all be used
for any purpose of the DesBrisay Museum.
(e)
All decisions on the expenditure of money from either Fund A or Fund B will be
made by Town Council on the recommendation of the Bridgewater Museum
Commission.
(f)
All funds currently in the Fund at the date that this document is approved will be
deposited in Fund A.
3.
Disbursement Guidelines
(a)
No funds shall be disbursed from Fund A until it contains at least $100,000, although
this provision shall not override a specific bequest by a donor.
(b)
Funds in Fund B may be disbursed regardless of the amount in the fund, so long as
the fund maintains a balance of at least $1,000 and the amount disbursed does not
exceed the fund's balance. No overdrafts are permitted.
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4.
Investment Committee
(a)
When the balance in Funds A and B in total reaches $50,000 an investment
committee shall be appointed by the Town to manage the investments in accordance
with the Town's investment policy. Until such time as the Investment Committee is
formed, the investments will be managed by the Town's Director of Finance.
(b)
This committee shall consist of three persons, who will include the Town's Director
of Finance (or designate), a representative of the Commission, and one other person
who should have a financial background and/or demonstrated investment acumen.
(c)
Members of the investment committee shall hold office for three years and may be
reappointed.
(d)
It is the responsibility of the investment committee to ensure that the funds are
disbursed to the Museum in accordance with the objectives established for the
Endowment Fund and any specific restrictions placed on funds by a donor.
(e)
With regard to specific fund restrictions by a donor, it is the investment committee's
responsibility that each such restriction
i) be disclosed in its annual financial reports;
ii) be reviewed annually to ensure that they are being adhered to.
5. Reporting Guidelines
(a)
The Investment Committee will report annually to Town Council and the Commission
on the Fund's value and investment performance for the previous fiscal year.
(b)
Until such time as the Investment Committee is formed, the Town's Director of
Finance shall make this report.
(c)
The Fund's books and records will be maintained by the Town.
6. Signing and Authorization Authority
(a)
The Town's Director of Finance, together with the chairperson of the Investment
Committee, shall authorize all disbursement or transfer of funds from the Fund.
(b)
All funds transferred from the Fund to the DesBrisay Museum accounts must be
authorized by a written request from the Museum Commission and approved by
Town Council, in accordance with Section 2 (e).
(c)
In keeping with normal Town practice, all disbursements from the Fund shall be
signed by the Town signatories (one elected official and one staff person).
7. Policy Changes
(a)
Any changes in this document require the approval of the Museum Commission and
Town Council.
8. Dissolution
(a)
If for any reason the operations of the DesBrisay Museum are terminated or are
wound up, or are dissolved, and there remains in the Fund at that time, after
satisfaction of all the Endowment Fund's debts, liabilities and commitments, any
funds remaining whatsoever, the same shall be transferred by the Town to some
other public, not-for-profit, charitable heritage or cultural society in Bridgewater, or
elsewhere in Lunenburg County, which pursues a mission or has objectives similar
to those of the DesBrisay Museum.
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