Winslow Public Library Endowments Overview
| The Kenneth & Shirley Eskelund Trust - March 2019
The purpose of the Eskelund fund is to support and enhance the library’s children’s and young adult program. Both the Town of Winslow and the Library Trustees share responsibility for administering the endowment.
The Funds are invested in a fund managed by the Maine Community Foundation. The trust states that the library can access up to 6% of the endowments value annually. When a withdrawal from the fund is approved, the moneys are placed in Bangor Saves Bank checking account, opened specifically for the endowment, and administered by the President of the Trustees, the Town Manager, and Library Director.
|The Meredith J. Ambrose Family Trust – October 2002
The purpose of the endowment is to support the library’s children’s and youth books and projects. At the endo of ten years the trustees may distribute all of the then remaining principal and accumulated income for youth books and projects in any manner which they may deem suitable, provided such use of funds is for the purpose stated above.
The library can withdraw 5% of the principal balance of the trust plus its accumulated incline, or all of that year’ s annual income (whichever is greater). It Is administered by the Library Trustees and the Library Director. When a withdrawal from the fund is approved, the moneys are placed in Bangor Saves Bank checking account, opened specifically for the endowment, and administered by the President of the Trustees, the Town Manager, and Library Director.
Currently the funds are invested a series of laddered Certificates of Deposit, with one coming due each year. With the approval of the Town Manager and the Library Trustees, the Library Director is in the process of creating a n investment fund with the Maine Community Foundation with the intent of shifting funds from the CDs into the investment fund. This will give the library a better return on its investments.