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Policy 002

PLATTEKILL PUBLIC LIBRARY

CAPITAL RESERVE FUND POLICY

 

Adopted: January 20, 2014 Page 1 of 1

 

Purpose and Scope

The general purpose of this policy is to provide for the Plattekill Public

Library’s need for an adequate physical facility.  The policy is designed to help the Library not only to prepare for a building program but also to ensure the continuity of Library operations.  This policy sets forth the allowable uses of the Capital Reserve Fund and the restrictions of the use of these funds.

 

Definition

Capital Reserve Fund:  A restricted fund that may be accessed for capital expenditures by a simple majority vote of the Board of Trustees.

A two thirds majority vote of the Board is required for any other use of the Fund.

Capital Expenditures: Funds for the acquisition, improvement and/or addition to the physical plant and for the purchase of furniture, fixtures and equipment.

 

Guidelines

The goal of the Trustees of the Library shall be to maintain a Capital Reserve Fund not less than the estimated cost of preliminary work on a building project or 3% of the total estimated cost.