The Discretionary Investment Fund, established by the Board of Trustees January 20, 2000, contains monies that have not been restricted by donors for the Endowment or Building Expansion Funds and are not included in the Gifts and Memorials account. Any unrestricted donor gifts may be deposited in this account as designated by the Board.
The Discretionary Investment Fund is a “board designated unrestricted fund.” This means the Board has designated these funds to be an investment account, which can be utilized, as the Board sees fit. At this time, the principal of this fund shall remain intact until the Board decides how it is to be used. Earnings of the fund may be applied to the operating budget.
The Discretionary Investment Fund will be invested and managed according to the Investment Policy of the Scarborough Public Library Corporation.
The Treasurer will review this policy annually and recommend revisions as necessary.
Approved March 16, 2000
Revised July 18, 2002