On an annual basis, the Finance Committee, in consultation with the Investment Committee, will recommend to the Board of Trustees how much income will be withdrawn from the investments to support the operating budget for the ensuing year. The spending rate will not exceed 5 percent of the total funds measured each June 30, based on the three-year rolling average of the market value of the funds.
The market value of the funds shall consist of the total value of all endowment funds. However, no disbursement may be made which would result in the disbursement of the combined balances of the Lucien Libby Fund, the Miriam Boothby Fund, and the Centennial Endowment Fund, based on a formula which fixes the relative portions of the total commingled balances (including the Discretionary Investment Fund) as of June 30, 2025, and refreshed annually.
Lucien Libby and Mariam Boothby Funds
As of June 30, 2025, the Library Director is hereby directed to review the terms of the Libby and Boothby Funds to determine if they may be fully drawn in the near future, or alternatively, if their terms would permit that they be dissolved and proceeds added to either the DIF or the CEF.
Centennial Endowment Fund
Upon the earlier of the CEF raising or earning total balances above $1 million as determined by the Treasurer, or on June 30, 2050, the restriction on use of earnings shall be removed.
Adopted June 2025
Replaced Investment Policy