Cortland Free Library Endowment Fund is the result of many
gifts of varying size and levels of restriction.
When the trustees put the fund under professional
management it was decided to treat the funds as one for
investment purposes in order to gain the benefits of a more
diversified investment portfolio.
Each individual endowment is expressed as a
percentage of the whole fund.
The percentages will change as new additions are made
to the endowment. For
spending purposes the income is currently allocated as
Restricted to books and library materials
10%- Restricted to furniture & fixtures
35%-Unrestricted - For other operating expenses of the
These percentages will be recalculated annually and
documented in the board minutes.