The Trustee of any charitable trust naming High Point Public Library Foundation, Inc. as a beneficiary will have total discretion for the investment of such trust.
Investment of Gifts
With respect to outright gifts, High Point Public Library Foundation, Inc. through its Finance Committee shall have total discretion for the investment of such funds. There shall be established:
Use of Income
- A general fund-which consists of all unrestricted endowment contributions, and
- A designated fund-which consists of endowment donations restricted to one or more agencies, programs, or special initiatives of High Point Public Library Foundation, Inc.
The income from the general fund is intended to be used to fund administration costs of High Point Public Library Foundation, Inc., but if such income is insufficient to cover such costs, endowment income generated from the investment of the designated fund may be used to underwrite such administrative costs unless restricted by terms of the gift.