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Library Policies

After-school Use Policy
Art on Display Policy
Collection Development Policy
Gift Acceptance Policies and Guidelines
Homebound Delivery Service Policy
Internet Use Policy
Library Card Policy for New Patrons
Rules of Conduct
Castine Collection Policy
Policy on Naming Spaces
Privacy Policy
Statement of Investment Policy, Objectives and Guidelines

 

After-school Use Policy

Afternoons at the Library
The Children’s Room is open to students for after-school use. We offer a safe, comfortable area for them to do homework, peruse the collection, or play games and puzzles with friends. Children ages 8 and older may visit the library unsupervised.

We do not operate as a childcare, and therefore do not offer the same level of supervision as a childcare facility. Your child must be able to behave in a library-appropriate manner and abide by our rules while here. Library appropriate activities include reading, puzzles, card and board games, art projects, imaginary play, listening to stories and music, visiting with friends, using computers, and practicing new skills. Behavior is considered out of place when it infringes upon another patron’s ability to use the library as they wish.

In the event a child is not picked up when the library has closed, library staff will contact you at the number provided to us by your child.  Staff is not responsible for driving your child home or arranging a ride home for your child.

We do not provide

  • Bathroom help
  • Medication administration
  • Behavioral management beyond a few gentle reminders of the rules
  • Tracking where children are. There is no sign-in sheet. We are not aware of who should be coming to the library, and we do not tell them they cannot go outside. We are not responsible for a child’s behavior outside the library.

Tips to prepare your child to visit the library after school

  • What is the best telephone number to reach you during after-school hours?
  • Can your child go outside and, if yes, where?
  • Can your child use a library electronic device?
  • Can your child go upstairs in the library?
  • How is your child getting home?

 

Art on Display Policy

The exhibitor must complete and sign a “Library Release Form” that unconditionally releases the town of Castine, its elected and appointed officials and employees, the Witherle Memorial Library, and the Library Art Selection Committee from any liability in connection with the exhibit. The Library does not accept liability for damages, losses or theft to the materials exhibited. The exhibit space must be left in satisfactory condition. Exhibitors using the space assume liability for damages to town property resulting from said usage, as assessed by the town.

 

 

Collection Development Policy

Mission
Witherle Memorial Library serves the public in the town of Castine and its environs by providing diverse informational, recreational, social, and educational resources for all age groups.

Principles
In support of intellectual freedom, the Library adheres to the following statements by the American Library Association: the Library Bill of Rights (www.ala.org/advocacy/intfreedom/librarybill/); the Freedom to Read Statement (www.ala.org/advocacy/intfreedom/statementspols/freedomreadstatement); and the Freedom to View Statement (www.ala.org/advocacy/intfreedom/statementspols/freedomviewstatement).

Scope of Collection
The Library strives to collect materials that meet the community’s information needs and interests. The number of items in the collection, and the depth and diversity of its subject coverage, reflect the small size of that community. If patron requests cannot be filled within the Library’s own collection, then every effort will be made to procure requested materials through Interlibrary Loan or another method.

Selection of Materials
The Library Director is responsible for the selection of library materials. The primary means of selection is through suggestions and requests from members of the community, supplemented by reviews in professional media and consultation with staff and others. The Library’s mission and budget considerations also guide the selection process.

Format of Materials
The Library acquires materials in all formats: print, audio, visual, and electronic. The Library Director will stay informed about emerging formats and will evaluate new media. Community tastes and requests will dictate the formats of current acquisitions.

Collection Maintenance
The Library’s collection is dynamic, reflecting the changing needs of the community over time. The Library Director is responsible for maintaining the quality and appropriateness of the collection, by constant evaluation and regular weeding, or withdrawing materials. The Director may consult with staff and/or community members about withdrawal decisions. If a community member wishes to challenge either an acquisition or a withdrawal decision, then that person should submit the challenge in writing to the Board of Trustees. The decision of the Board whether or not to honor the challenge will be final.

Materials Not Collected
The Library cannot maintain preservation-level storage for materials. Therefore, the Library does not collect materials that require special conservation, such as manuscripts, photographs, archival material, etc.

Castine Collection
The Library has an active interest in collecting materials on the history of Castine and the surrounding area, except for items where preservation is an issue. Materials on Castine history are kept in the Castine Collection, and those items do not circulate. Duplicate copies of those materials may be kept in the circulating collection. The Library also collects significant works written by people who were long-time Castine-area summer residents or who lived here year-round for more than a few years. Such works may be kept in either the Castine Collection or the circulating collection.

Gifts
The Library accepts donations of materials that fit the criteria outlined in the above paragraphs following criteria outlined in the Library’s Gift Acceptance Policy, “Art, Books, and other Objects.”

 

Gift Acceptance Policies and Guidelines

Witherle Memorial Library, the public Library of Castine Maine, encourages the solicitation and acceptance of gifts to Witherle Memorial Library (hereinafter referred to as the Library) for purposes that will help the Library to further and fulfill its mission. The following policies and guidelines govern the acceptance of gifts made to the Library or for the benefit of any of its programs.

The mission of the Witherle Memorial Library is to provide public Library services to our community.  These services include but are not limited to providing books and audiovisual materials for the enjoyment and education of our users and providing programs for the enjoyment and education of our users.

Purpose of Policies and Guidelines
The board of Trustees of the Witherle Memorial Library and its staff solicit current and deferred gifts from individuals, corporations, foundations, and associations to secure the future growth and missions of the Library.  These policies and guidelines govern the acceptance of gifts by the Library and provide guidance to prospective donors and their advisors when making gifts to the Library.  The provisions of these policies shall apply to all gifts received by the Library for any of its programs or services.

Use of Legal Counsel
Witherle Memorial Library shall seek advice of legal counsel in matters relating to acceptance of gifts when appropriate.  Review by counsel is recommended for:

Closely held stock transfers that are subject to restrictions or buy-sell agreements.
Documents naming Witherle Memorial Library as trustee.
Gifts involving contracts, such as bargain sales or other documents requiring Witherle Memorial Library to assume an obligation.
Transactions with potential conflict of interest that may invoke IRS sanctions.
Other instances in which use of counsel is deemed appropriate by the Board of Trustees of the Library.

Conflict of Interest
Witherle Memorial Library will urge all prospective donors to seek assistance of personal legal and financial advisors in matters relating to their gifts and the resulting tax estate planning consequences.  The Library will comply with the Model Standards of Practice for the Charitable Gift Planner promulgated by the national Committee on Planned Giving, shown as an appendix to this document.

Restrictions on Gifts
The Library will accept unrestricted gifts and gifts for specific programs and purposes, provided that such gifts are not inconsistent with its stated mission, purposes, and priorities. The Library will not accept gifts that re too restrictive in purpose.  Gifts that are too restrictive include gifts that are too difficult to administer, and gifts that are for purposes outside the mission of the Library.  All final decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Board of Trustees of the Library acting as the Gift Acceptance Committee.

The Gift Acceptance Committee
The Gift Acceptance Committee shall consist of the members of the Witherle Memorial Library Board of Trustees. The Trustees are charged with the responsibility of reviewing all gifts made to the Library and determining which gifts the Library will accept.

Types of Gifts|
Cash
Tangible Personal Property
Securities
Real Estate
Remainder Interests in Property
Life Insurance
Charitable Gift Annuities
Charitable Gift Annuities
Charitable Remainder Trusts
Charitable Lead Trusts
Retirement Plan Beneficiary Designations
Bequests
Life Insurance Beneficiary Designations

The following criteria govern the acceptance of each gift form:

Cash.  Cash is acceptable in any form.  Checks shall be made payable to the Witherle Memorial Library or to the Friends of the Library, which is a 501C-3 tax-deductible organization. Monetary gifts for the Library can be given directly to the Witherle Library Board of Trustees. Funds may be given as an outright gift and in memory of or in honor of individuals.

Tangible Personal Property.  All other gifts of tangible personal property shall be examined in light of the following criteria:

Does the property fulfill the mission of the Library?
Is the property marketable?
Are there any undue restrictions on the use, display, or sale of the property?
Are there any carrying costs for the property?

The Board of Trustees of the Witherle Memorial Library shall make the final determination on the acceptance of other tangible gift properties.

Art, Books, and other Objects
Gifts of books and other Library materials are accepted without conditions attached.  For example, special housing or permanent shelving cannot be promised, nor can the Library guarantee to keep intact a group of donated materials.

Library Materials—defined in part as book collections or non-book materials, specialized collections, magazine subscriptions, prints, maps, clipping files and ephemera—may be given to the Library provided the Library Director may deal with these materials as he or she sees fit. The Library Director may add such materials to the collection, donate them to another interested institution, sell them with the proceeds to benefit the Library, or discard them. Gifts not added to the collection will not be returned to the donor.  Such donations to the collection are accepted with the understanding that the Library applies the same criteria for evaluating gifts as it applies to purchased material.  The Library is not responsible for notifying donors of withdrawal or replacement of gift material. Memorial books or other Library materials are designated by a memorial bookplate unless otherwise requested. Memorial gifts added to the Library’s collection may be withdrawn in the same manner as the Library’s purchased material.

If requested by the donor, and when such a request is practical, the Library staff may review some gifts prior to their acceptance to determine their suitability to the Library’s collection.

The Witherle Memorial Library has been fortunate in the past in receiving gifts of art as well as furniture and equipment from donors.  When appropriate, acceptance of such gifts will usually be made by the Library Board with the recommendations of the Library Director.

Gift terms such as a request to display or keep an item or group of items in perpetuity are substantial commitments that will rarely be made.  Such decisions are made by the Library Board with the recommendations of the Library Director.

Appraisal of Gifts
Although the Library and the Friends of the Library acknowledge gifts for tax purposed, the Library staff is not authorized to appraise gifts.  It the donor requires an appraisal for income tax or other purposes, it is the donor’s responsibility to have the appraisal made prior to transfer of ownership to Witherle Memorial Library.

Publicly Traded Securities
Marketable securities may be transferred to an account maintained at one or more brokerage firms or delivered physically with the transferor’s signature or stock power attached.  As a general rule all marketable securities shall be sold upon receipt unless otherwise directed by the Library’s investment committee.  In some cases, marketable securities may be restricted by the applicable securities laws; in such instance the final determination on the acceptance of restricted securities shall be made by the Library Board of Trustees.

Closely Held Securities
Closely held securities, which include not only debt and equity positions in non-publicly traded companies but also interests in limited partnerships and limited liability companies, or other ownership forms, can be accepted subject to the approval of the Library Board of Trustees. However, gifts must be reviewed prior to acceptance to determine:

There are no restrictions on the security; that would prevent Witherle Memorial Library from ultimately converting those assets to cash.
The security is marketable.
The security will not generate any undesirable tax consequences for the Library.

Real Estate
Gifts of real estate include developed property, undeveloped property, or gifts subject to prior life interest.  Prior to the acceptance of real estate, the Library shall require an initial environmental review of the property to ensure the property has no environmental damage.  In the event that the initial inspection reveals a potential probable, the Library shall retain a qualified inspection firm to conduct an environmental audit.  The cost of the audit shall generally be an expense of the donor.  When appropriate, a title binder shall be obtained by the Library prior to the acceptance of the real property gift. The cost of this title binder shall generally be an expense of the donor.

Prior to the acceptance of the real property, the gift shall be approved by the Witherle Library Board of Trustees and by the Library’s legal counsel.  Criteria for acceptance of the property shall include:

Is the property useful for the purposes of the Library?

Is the property marketable? Are there any restrictions, reservations, easements, or other limitations associated with the property?

Are there carrying costs, which include insurance, property taxes, mortgages, or notes, etc., associates with the property?

Does the environmental audit reflect that the property is not damaged?

Remainder Interests in Property
The Library will accept a remainder interest in a personal   residence, farm, or vacation property subject to the provisions of section 4 on Real Estate above. The donor or other occupants may continue to occupy the real property for the duration of the stated life.  At the death of the donor or other occupants the Library may use the property or reduce it to cash.  Where the Library receives a gift of a remainder interest, expenses for maintenance, real estate taxes, and any property indebtedness are to be paid by the donor or primary beneficiary.

Life Insurance
Witherle Memorial Library must be named as both beneficiary and irrevocable owner of an insurance policy before a life insurance policy can be recorded as a gift.  The gift is valued at its interpolated terminal reserve value, or cash surrender value, upon receipt.  If the donor contributes future premium payments, the Library will include the entire amount of the additional premium payment as a gift in the year that it is made. If the donor does not elect to continue to make gifts to cover premium payments on the life insurance policy, the Library may continue to pay the premiums, convert the policy to paid-up insurance, or surrender the policy for its current cash value.

Charitable gift Annuities
Witherle Memorial Library may offer charitable gift annuities.  The minimum gift for funding is $5,000. The Chairman of the Board of Trustees may make exceptions to this minimum.  The minimum age for life income beneficiaries of a gift annuity is 55.  Where a deferred gift annuity is offered, the minimum age for life income beneficiaries shall be 45. No more than two life income beneficiaries will be permitted for any gift annuity. Annuity payments may be made on a quarterly, semi-annual or annual schedule.  The Chairman of the Board of Trustees may approve exceptions to this payment schedule.

Witherle Memorial Library will not accept real estate, tangible personal property, or any other illiquid asset in exchange for current charitable gift annuities.  The Library may accept real estate, tangible personal property, or other illiquid assets in exchange for deferred gift funds contributed in exchange for a gift annuity shall be set aside and invested during the term of the annuity payments. Once those payments have terminated, the funds representing the remaining principal contributed in exchange for the gift annuity shall be transferred to the Library’s general endowment funds, or to such specific fund as designated by the donor.

Charitable Remainder Trusts
The Library may accept designation as remainder beneficiary of a charitable remainder trust with the approval of the Library Board of Trustees. The Library will not accept appointment as Trustee of a charitable remainder trust.

Charitable Lead Trusts
The Library may accept designation as income beneficiary of a charitable lead trust.  The Board of Trustees will not accept appointment as Trustee of a charitable lead trust.

Retirement Plan Beneficiary Designation
Donors and supporters of Witherle Memorial Library will be encouraged to name the Library as beneficiary in their retirement plans.  Such designations will not be recorded as gifts to the Library until such time as the gift is irrevocable.  When the gift is irrevocable, but is not due until a future date, the present value of the gift may be recorded at the time the gift becomes irrevocable.

Bequests
Donors and supporters of the Witherle Memorial Library will be encouraged to make bequests to the Library under their wills and trusts.  Such bequests will not be recorded as gifts to the Library until such time as the gift is irrevocable.  When the gift is irrevocable but is not due until a future date, the present value of the gift may be recorded at the time the gift becomes irrevocable.

Life Insurance Beneficiary Designations
Donors and supporters of Witherle Memorial Library will be encouraged to name the Library as beneficiary or contingent beneficiary of their life insurance policies.  Such designations shall not be recorded as gifts to the Library until such time as the gift is irrevocable. When the gift is irrevocable but is not due until a future date, the present value of the gift may be recorded at the time the gift becomes irrevocable.

Miscellaneous Provisions

Securing appraisals and legal fees for gifts to the Library
It will be the responsibility of the donor to secure an appraisal (where necessary) and independent legal counsel for all gifts made to the Library.

Valuation of gifts for development purposes
The Library will record a gift received by the Library at its valuation for gift purposes on the date of gift.

Changes to Gift Acceptance Policies
These policies and guidelines have been reviewed and accepted by the Board of trustees of the Witherle Memorial Library. The Board must approve any changes to or deviations from these policies.

Approved on the __________ day of __________, 2008.

____________________________________________

Chairman, Board of Trustees, Witherle Memorial Library

 

Homebound Delivery Service Policy

Witherle Memorial Library offers a delivery service to homebound patrons. To qualify, patrons must have a Library card in good standing and be unable to make regular trips to the Library due to health, mobility, or disability.

Deliveries
Deliveries are made by volunteers not library staff. Volunteers donate their time and mileage.

The library material is delivered to homebound patrons on an agreed-upon schedule. Homebound patrons schedule a pick-up time to return material to the library.

If the participant is unavailable, every best effort will be made to leave the items in a safe location.  From time to time, inclement weather may make deliveries impossible, and the volunteers will be responsible for contacting program participants to reschedule.

Patrons
Participants can request material online using the library catalog or by making requests directly to library staff via email/phone or any other method arranged.

Participants will be responsible for lost item fees. Program volunteers should make every effort to return items by their due dates or ask library staff to renew items if more time is needed. Renewals are subject to no holds and/or permission for those materials owned by other libraries.

 

Internet Use Policy

Access to Internet Resources
Witherle Memorial Library is committed to providing free and open access to informational, educational, recreational, and cultural resources for library users. The library makes information available in a variety of formats. The library’s computer system provides the opportunity to integrate electronic resources from information networks around the world with the library’s other resources.

The internet, as an information resource, enables the library to provide information beyond the confines of its own collection. It is an unregulated medium, and it is indifferent to the safety of children or the experiences, knowledge levels, and tastes of adults. While the internet offers access to a wealth of material that can be personally, professionally, and culturally enriching, it also enables access to some material that may be offensive, disturbing, illegal, inaccurate, and/or incomplete. The library encourages users to be good information consumers by evaluating the validity of information accessed via the internet. Library staff can provide assistance with such evaluation.

In addition, Youth Services has specific computer and internet use guidelines for patrons under the age of 18. The library cannot control or monitor any material that may be accessible from internet sources.

Internet Use Policy
The library upholds and affirms the Constitutional right of each individual to have access to library or online materials. The library also affirms the right and responsibility of parents to determine and monitor their own children’s use of library materials and resources.

Library staff can provide assistance for online searches using a public computer or personal device.

Patrons under the age of 18 must have a signed parental permission slip on file at the circulation desk in order to use the computers for either desktop programs or internet usage.

The library is not responsible for any internet user’s digital correspondence, social media accounts, digital downloads, gaming accounts, or cloud-based programs left open or not logged out.  Users are responsible for logging out of all personal accounts. The library asks users to refrain from storing documents or personal log-in information on any library device or application.

Misuse of any computer using the library’s network will result in the loss of computer privileges, potential loss of library privileges, and possible prosecution. Such misuse includes, but is not limited to, using the computer for illegal activities; hacking into the library computer system or any other computer system; damaging or attempting to damage computer equipment or software; interfering with systems operations, integrity, or security; gaining unauthorized access to another person’s files; sending harassing messages to other computer users; altering or attempting to alter the settings on library computers; gambling; and violating copyright laws or software licensing agreements.

 

 

Library Card Policy for New Patrons

Witherle Memorial Library welcomes new library cardholders.

Castine-Area Residents, Property Owners or Long-Term Renters
To receive a library card, patrons must:

  • Show a valid driver’s license or equivalent ID
  • Be in good standing with other libraries in the Minerva consortium
  • Demonstrate a local address in one of the following communities: Castine, Penobscot, Blue Hill, Bucksport, Orland, Brooksville, Brooklin or Sedgwick and/or be a long-term renter or property owner in Castine.

Visitors
Patrons who do not live in the communities named above or are short-term, seasonal visitors to the area must:

  • Show a valid driver’s license or equivalent ID.
  • Be in good standing with other libraries in the Minerva consortium (if applicable).
  • Provide a mailing address for their primary residence.
  • Make a $25 cash deposit. Patrons will receive a receipt for the deposit, and at such time that all materials are returned in good order, the Library will return the deposit. If money is not picked up by September 30 of the same year, it will be gratefully considered as a donation to the Library.
  • In the event that library materials are not returned or returned in damaged condition, the library reserves the right to keep the deposit, and furthermore, seek any replacement costs for unreturned materials to the full extent of the law.

Allowing People to Use Your Card

A cardholder may add names of other persons who can take out materials on their cards.
The Library cannot check out materials to anyone not listed on a patron’s card. The patron is responsible for any materials taken out by individuals authorized on their card.

Local borrowers can give permission for a visitor to use their card.
If a local borrower wants to let a summer visitor use his or her card, the local borrower must contact us to give permission. The local borrower is responsible for any materials taken out by the visitor.

Children age who can write their full name may have a library card.
A parent or guardian must meet the criteria listed above.  The adult-on-file is responsible for any materials taken out by the child.  You may also add your child to your library card.  Note that we will circulate books to a child with their own card or named on their parent’s card during school library time or after school unless otherwise directed.

 

 

Rules of Conduct

The Witherle Memorial Library welcomes everyone. The Library’s first priority is public service. The Library Board of Trustees has instituted the following rules of conduct in order to maintain a clean, pleasant, and safe environment.

Users of the Library are forbidden to:

  • Engage in any illegal activity on Library property.
  • Create a public disturbance.
  • Use obscene and/or abusive language or gestures.
  • Engage in harassment or threatening behavior.
  • Use tobacco, alcoholic beverages, or illegal substances on Library property.
  • Block entrances, aisles, or access to Library materials.
  • Mutilate, damage, or deface any Library materials or equipment.
  • Engage in cell phone use that disrupts other patrons.
  • Carry weapons in the Library building.

Epidemic/Pandemic Patron Code of Conduct

  • As with any infectious disease, don’t come to the library if you feel sick or have been exposed to someone who is known to have an infectious disease.
  • The library reserves the right to ask all persons on library property to follow guidelines as prescribed by state agencies and municipal government. These may include social distancing, face coverings, and limited access to the library building and materials. The library will provide clear signage when such guidelines are in place.
  • The Library makes every effort to provide a safe public space for all visitors. However, all visitors enter at their own risk for exposure to infectious diseases.

 

Castine Collection Policy

It is the general policy of the Witherle Memorial Library to acquire, as far as is possible and practical, and as funds allow, at least one copy for reference use of all materials contributing to knowledge of local history comprising the town of Castine and the Witherle Memorial Library. Other materials owned and also to be collected include books, pamphlets, newsletters, bulletins, periodicals, clippings, postcards, photographs, films, videotapes, microfilms, sound recordings, DVDs, electronic materials, paintings, prints, genealogical records, with written memorabilia for Noah Brooks and the Witherle family. Material not relating solely to the Castine area may be added to the Local History Collection, at the discretion of the library director. Examples are local histories from nearby towns, such as Penobscot, Orland, Blue Hill and materials on Hancock County, as well as material on topics of great interest such as genealogy, both the Revolutionary War and the Civil War, as they relate to Castine and Maine, and general Maine histories. Materials are acquired usually through purchase from publishers and donations. The Library maintains a collection of the works of Castine authors, both past and present. The selection and purchase of new materials is an ongoing activity, with responsibility assigned to the staff member in charge of the Castine Collection.

We have a special interest in Noah Brooks and the Witherle Family. The maintenance of the collection involves acquisition of, preservation and protection of, and provision for equitable public access to materials. This general policy is considerably broader in scope than strictly historical. Emphasis is also given to the acquisition of those materials which will contribute to knowledge of the social, civic, religious, economic and cultural life, both past and present. We have some prints and historic paintings hanging in the library.

Gifts and Donations will be received, following the library’s gift policy.  The patron donating the item or items will be advised that once the materials become the possession of the library, disposition will be left to the discretion of the library director.  Receipts will be provided upon request.

Museum objects are generally not collected, except in limited number for display or interpretation purposes. Inexpensive display objects to promote and interpret the collection may be acquired. To donate museum artifacts, such as furniture or textiles, please contact either the Wilson Museum or the Castine Historical Society.

Archival collections of minutes, etc. from local associations, institutions, etc. to be stored in the library and used only by members of the association, are not accepted into the collection.No items in the Castine Collection will be available for checkout. We do maintain a circulating collection of selected materials.

Materials may be photocopied by a library employee if permission or copyright laws permit.

 

 

Policy on Naming Spaces

The Board of Trustees may consider naming spaces within the Library or on the Library’s grounds as memorials to people who have made significant contributions to the Library.  In general, and in keeping with a small community library, named library spaces will be few, and memorial designations will be appropriate for high-use public places. Decisions on whether to name a space, where that space might be, and what form of memorial would designate that space, will be the sole responsibility of the Board of Trustees.

 

 

Privacy Policy

All library records that identify patrons by name are strictly confidential, and access to them is limited to staff for legitimate library business. Such records will not be made available to any individual or to any agency of local, state or federal government, except with the explicit permission of the patron in question or pursuant to a subpoena, court order or search warrant.

Online
When visiting Witherle Memorial Library’s Web site and using our electronic services, patrons can choose to provide their name, e-mail address, library card barcode, phone number or home address. This information will only be used to fulfill patron’s service needs and to help the Library improve and target its services effectively. Cookies may be used for these same purposes. A cookie is a small piece of software that is placed by a Web server onto a user’s personal computer and is then used to personalize the site when the visitor returns.

Patrons should be aware that they are subject to the privacy policies of any non-WML Web sites and organizations that they visit and use.

What you need to know about the USA Patriot Act
In accordance with Maine State Law, your library records are confidential; however, the federal USA Patriot Act requires the Library to provide access to those records when requested with the appropriate authorization.

If information is requested, the USA Patriot Act will prohibit the Library from notifying you of the request.

For more information on the USA Patriot Act and its application to libraries please visit the American Library Association at: http://www.ala.org/advocacy/advleg/federallegislation/theusapatriotact

Witherle Memorial Library (WML) respects your privacy. We recognize that visitors to the WML website may be concerned about the information they provide to us and how we treat that information. Although no transmission on the Internet is 100% secure, WML exercises care in providing secure transmission of your information from your PC to our servers.

WML takes seriously the protection of sensitive information collected through online donations. We use PayPal who agrees to comply with industry standards and generally agree upon methods of encryption and encoding. Multiple “firewalls” are used to protect this personal information.

 

 

Statement of Investment Policy, Objectives and Guidelines

The Trustees of Witherle Memorial Library and the Financial Advisory Committee set forth, herewith, their Statement of Investment Policy, Objectives and Guidelines. The assets of the Library are entrusted to the Trustees, who supervise and manage the  Library’s investments.

I.  Objective
The objective of the Witherle Memorial Library Endowment (“Investment Fund”) is to provide the Witherle Memorial Library with predictable and growing investment income and appreciation of principal through the prudent selection of quality investments.

Specific objectives would include offsetting the effects of inflation, protecting principal, and providing the Library with the discretionary income necessary to help offset operating expenses.

The purpose of this Policy Statement is to:

  1. Create a framework within which the Trustees may discharge their fiduciary duty to manage the Investment Fund of the Library in a responsible manner.
  2. Determine spending and asset allocation policies that protect both income generated by the invested assets and the value of the Investment Fund from erosion as a result of inflation.
  3. Define benchmarks and standards to be employed in evaluation of the performance of any investment managers contracted by the Trustees.

This Policy Statement should be adopted, and then reviewed bi-annually, by the Trustees.

II.   Statement of Responsibilities Trustees
The Trustees have the ultimate responsibility for:

  1. Adhering to policies and guidelines set forth in this Policy Statement.
  2. Following the strategy agreed upon by the Trustees and the Investment Managers.
  3. Growing the principal value of the undistributed portion of the Investment Fund while also increasing the yield, in accordance with the performance expectations defined in this Policy Statement.

Financial Advisory Committee
The Financial Advisory Committee provides advice and guidance to the Trustees on the investment of the Library’s assets. The Financial Advisory Committee consists of at least three knowledgeable and responsible individuals, appointed by the Trustees. In its advisory capacity, the Committee will meet quarterly with the investment managers and two or more Trustees. The Trustees shall hold the members of the Financial Advisory Committee harmless for the results of any action taken or not taken as a result of their advice.

Investment Managers
The Trustees may delegate to one or more professional investment managers the authority to manage the Investment Fund, including the purchase and sale of securities. Two or more Trustees and the Financial Advisory Committee will meet at least quarterly with aforesaid investment managers. The Treasurer of the Board of Trustees, or her/his representative, will present a report of each meeting to the Board of Trustees at its next regularly scheduled meeting.

III.  Spending Policy
The terms “spending” or “funding” shall refer to the funds distributed from the Investment Fund to support annual operations of the Library. It is expected that funds distributed from the Investment Fund will provide a significant portion of the operating income each year. The amount available will be recommended by the Treasurer to the Board of Trustees prior to the beginning of each fiscal year and as described further in the spending guidelines below.

Given the importance of the income stream to the Library’s operations, distributions  should be:

  1. No larger than an amount that can be prudently justified.
  2. Sufficiently predictable to facilitate an orderly short- and long-term budgeting process.
  3. Not exceeding 5% of a three-year proceeding rolling average of the portfolio value, without the written approval of the Trustees.

IV.  Investment Guidelines
The Investment Fund shall be managed with emphasis both on the generation of income and the appreciation of principal. The Trustees seek to provide the investment managers   with the flexibility to implement strategies that will permit the Investment Fund to generate the desired levels of discretionary income, and at the same time will permit the portfolio to grow, all within the guidelines as set forth in this Policy Statement.

The Board of Trustees recognizes its obligation to recommend prudent spending rates. In this regard, investment recommendations will be governed by the Maine Prudent Investor Act, Title 18-A M.R.S.A. Sect 7-302, 1997.

Acceptable investment vehicles are:

  1. Cash.
  2. FDIC-insured Certificates of Deposit.
  3. Obligations issued or guaranteed by the United States government.
  4. Major money market funds.
  5. Investment-grade U.S. corporate bonds or preferred stock, in amounts of not less than $10,000.
  6. Equities listed on the New York, NASDAQ, or American Stock Exchanges.
  7. Equities included in the EAFE Index.
  8. Mutual funds containing any of the instruments listed above.

No more than 5% of any fund within, or of the total of, the Library’s Investment Fund may be initially invested in any one security, with the exception of: U.S. Treasury Bonds and Bills; government and municipal bonds; mutual funds; and money market funds. At no time will investment in any one security, except as noted above, exceed 10%.

V.  Asset Allocation
The Trustees intend that the assets managed shall be within the following ranges:

  1. Cash & cash equivalents 5% to 15%
  2. Fixed-income securities 24% to 50%
  3. Domestic equity securities 40% to 70%
  4. International equity securities 0% to 25%

VI.  Donor Designated Funds
Donor Designated Funds are those funds gifted to the Investment Fund for specific uses as designated by the donor. The Library is committed to honoring the donor’s wishes with respect to such funds. The Trustees may either segregate a Donor Designated Fund into a separate account; or pool the funds with the general Investment Fund for investment purposes. Pooled funds will be allocated within the Investment Fund at least annually to maintain the integrity of each Donor Designated Fund.

VII.  Performance Benchmarks
The Trustees and the Financial Advisory Committee shall receive reports from the custodial firm holding the Investment Fund’s assets, which will include the market value of the assets and all activity that occurred during the reporting period. The performance of the investment managers will be compared to the following benchmarks:

  1. Cash and cash equivalents will be compared to 90-day Treasury Bills.
  2. Fixed-income securities will be compared to the Lehman Brothers Intermediate Aggregate Bond Index.
  3. Domestic equities will be compared to the S&P 500.
  4. Small-cap equities will be compared to the Russell 2000.
  5. International equities will be compared to the EAFE Index.

VIII.  Amendments
The Trustees may amend this Policy Statement from time to time as appropriate. The Trustees also reserve the right to direct the investment managers to take any appropriate actions, whether or not consistent with this Policy Statement, if market conditions, liquidity needs, or other circumstances so indicate.

Adopted July 11, 2007
Amended December 5, 2007
Amended October 2009
Adopted November 2011
Amended October 2018
Reviewed 050521