Village of Round Lake, NY
Saratoga County
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[HISTORY: Adopted by the by the Board of Trustees of the Village of Round Lake 9-19-2018 by L.L. No. 3-2018. Amendments noted where applicable.]
The Board of Trustees of the Village of Round Lake believes that the creation of a Charitable Gifts Reserve Fund pursuant to New York State General Municipal Law § 6-u will encourage charitable giving to the Village for specific purposes, and creates a Charitable Gifts Reserve Fund to administer any gifts received.
The name of the Charitable Gifts Reserve Fund is "The Charitable Gifts Reserve Fund of the Village of Round Lake."
The Charitable Gifts Reserve Fund ("Fund") shall be administered by the Village Treasurer, who may receive and deposit monetary gifts without approval of the Village Board of Trustees. Any nonmonetary gifts to the Village shall not be administered as assets of the Fund.
The Treasurer shall work with the Village's financial advisor, the Village Attorney and other Village officers to provide the donor with documents for the taxing authorities confirming the donor's gift.
Line items shall be established and maintained within the Fund to correspond with any reasonable instructions from the donor received with the gift.
The Treasurer shall report to the Village Board of Trustees when there is any material activity with respect to the Fund, such as the receipt of a gift in excess of $200, or a distribution proposed from the Fund by the Treasurer or any other person.
No distributions from the Fund shall be made without authorization from the Board of Trustees by majority vote of the members present. The Board of Trustees may authorize the Treasurer to make specific expenditures or types or categories of expenditures. The Board of Trustees may from time to time expand or diminish the Treasurer's discretion with respect to expenditures, or recommend or manage that he or she consult with another Village officer or employee regarding such expenditures, by resolution by majority vote of the members present.
In the event the Charitable Gifts Reserve Fund holds funds for a purpose which has ceased to exist (e.g., to maintain a Village building which is demolished), the Village Board shall make such direction with respect to the use of such funds as it finds most closely accomplishes the donor's intent.
The Treasurer shall maintain a record of all transactions of the Fund for a minimum of 10 years after such transactions. All such records are public records subject to disclosure under Article 6 of the Public Officer's Law.