Executive Board/ Endowment Trustees Relationship and Responsibilities

The Executive Board is the body that has fiduciary responsibility and acts for Council in the establishment and administration of endowment policies and programs. The Board appoints the Endowment Trustees for 3-year staggered terms. The ALA Treasurer serves in a non-voting ex-officio capacity.

The Trustees shall have authority to hold, invest, reinvest, disburse, and otherwise deal with endowment funds in accordance with such directions as may be given them by the Executive Board of the Association.

The Endowment Trustees have responsibility for acting on behalf of the Board within established policies, procedures and guidelines, in the management of the Endowment Fund.

With respect to the Endowment Trustees, the Executive Board has the following responsibilities:

Executive Board Endowment Fund Responsibilities

  • To determine and approve investment policy, strategies and guidelines.
  • To exercise fiduciary responsibility for the operation and performance of the Endowment Fund.
  • To approve the Endowment Fund strategic purpose/objective consistent with overall ALA strategic planning.
  • To approve of the creation of any endowment or scholarship.
  • To select and appoint all Endowment Trustees.
  • To approve unrestricted gifts and bequests over $20,000 to be added to the Future Fund.

Endowment Trustees Responsibilities

  • To hold, invest, reinvest and distribute endowment funds as directed by the Executive Board.
  • To act as custodian for all receipts from life memberships and gifts/bequests for endowment purposes.
  • To recommend to the Executive Board operating procedures for the effective management of the Endowment.
  • To develop, review and recommend investment policy, strategies and guidelines to the Executive Board.
  • To select individual investment managers.
  • To report to the Executive Board on the status of the Endowment.
  • To communicate, as appropriate, about the Endowment and its performance.

Revised: 10/23/00

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