TRUSTEES AND ENDOWMENT
The Gleason Public Library is a public institution supported by public funds and under the leadership of a locally elected body, the Trustees of the Gleason Public Library. The facility, personnel, equipment, computer network, operating hours, collection, supplies, and basic services are all provided through municipal dollars. Additional resources used by the Gleason Public Library, like the Massachusetts Board of Library Commissioners (state library agency), regional library system, interlibrary loan, and reciprocal borrowing programs, are all provided by public dollars through the state. The Gleason Public Library relies on the generosity of public dollars to provide basic library services. Separate private endowment funds, including the Susan Zielinski Natural Science Fund, enhance the long-term development of the Library infrastructure and services, while funds provided by the Friends enhance annual library programs and collections.
The Board of Trustees fulfills ethical, legal, and fiduciary responsibilities in governing the Gleason Library for the benefit of our whole community. We:
- Employ a qualified library director and understand the director’s roles and responsibilities
- Set service-oriented library policies, which uphold the principles of equal access to information and the free exchange of ideas
- Guide the management and maintenance of library facilities and assets and expend financial resources judiciously
- Work to secure an appropriate funding level for facilities, technology, hours of operation, collection and staff
- Know and observe applicable municipal, state, and federal laws and regulations
- Work with the community to identify information needs and to develop and implement a written plan for the maintenance and improvement of library services
The Endowment Fund is a 501C charitable trust, the funds of which have been and/or will be used to:
- Enhance the collection
- Enhance the technology
- Support “Arts at the Gleason” programs
- Landscape the grounds
- Fund the purchase of furniture and computers during the recent building project
Monies given to the Library endowment directly are put into the Endowment
fund. These monies are used to enhance the facility, above and beyond
what the operating budget allows. Typically these funds are collected
for large and long term dollar expenditures, items, and programs beyond the means
and scope of the Friends of the Gleason Public Library. Some examples of projects supported by the Endowment are the study room, furniture, staff recognition events, and conference attendance.
Endowment Fund Officers:
Thornton Ash, Chair
Steve Golson, Treasurer
Andrew Beal, Secretary
Susan Mills, Friends of the Library President
Director of Library
Endowment Objectives, Adopted May 4, 2006
The financial objective of the Gleason Public Library (GPL) Endowment is to raise and manage funds to be expended for future Gleason Library capital needs. While the majority of funds will be held for major capital opportunities, the Endowment’s objective is to spend an annual amount for current Library needs at least equal to the annual earned income of invested funds.
The Endowment has a perpetual time horizon. It will never be spent in its entirety in order to ensure income for future generations.
The investment objective of the GPL Endowment is to prudently invest assets over the long term in a balanced portfolio allocated among growth, value, socially responsible, and income producing holdings. The Endowment will periodically evaluate and adjust its long term investment objectives and cash holdings in consideration of appropriate liquidity to meet anticipated as well as unforeseen needs.
By reinvesting a portion of asset growth and new contributions from donors, the Endowment seeks to prevent inflationary erosion and sustain purchasing power over time.
For more information, please see: