§ 6-U — Charitable gifts reserve fund

§ 6-u. Charitable gifts reserve fund. 1. The governing board of any\ncity with a population less than one million, town or village may\nestablish a reserve fund to be known as a charitable gifts reserve fund.\n 2. Such fund may receive unrestricted charitable monetary\ncontributions and the moneys in such fund shall be deposited and secured\nin the manner provided by section ten of this article. The governing\nboard, or the chief fiscal officer of such town, village or city, if the\ngoverning board shall delegate such duty to him or her, may invest the\nmoneys in such fund in the manner provided by section eleven of this\narticle. Any interest earned or capital gain realized on the money so\ndeposited or invested shall accrue to and become part of such fund. The\nseparate identity of such fund shall be maintained whether its assets\nconsist of cash or investments or both.\n 3. At the end of the fiscal year, the governing board of the town,\nvillage or city, within sixty days of the close of the fiscal year, may\ntransfer the funds to the general fund or other fund of the municipal\ncorporation, so that the funds may be used for charitable purposes.\n 4. The governing board shall establish a procedure for contributions\nto the charitable gifts reserve fund, which shall include the provision\nof a written acknowledgment of the gift to the contributor.\n