§ 18-7-204 — Endowment challenge fund matching program; matching payments; agreements with foundations; annual reports

Wyoming § 18-7-204

• Jurisdiction: Wyoming
• Title 18: Counties
• Ch. 7: LIBRARIES
• Art. 2: WYOMING PUBLIC LIBRARY ENDOWMENT CHALLENGE PROGRAM

Text

(a) To the extent funds are available in the separate
account of any public library within the endowment challenge
fund, the state treasurer shall match endowment gifts actually
received by that public library's foundation. A match shall be
paid under this subsection by the state treasurer at the time
any accumulated amounts actually received by a public library
foundation total ten thousand dollars ($10,000.00) or more. The
match shall be made by transferring from the separate challenge
fund account to the appropriate public library a match amount
calculated as provided by W.S. 18-7-202(a)(iv). The recipient
public library shall immediately transfer matching funds
received under this subsection to the public library foundation.
(b) Each public library shall enter into an agreement with
its foundation under which the foundation shall manage the
matching funds received under subsection (a) of this section and
under W.S. 18-7-205 in the same manner as other permanent
endowment funds are managed by its foundation, including the
permanent investment of funds, maintenance of the fund corpus as
inviolate and the expenditure of fund earnings for endowment
purposes only.
(c) Earnings from endowment funds established with
matching funds under this section, and funds received under W.S.
18-7-205, shall be expended only for the purpose of the
endowment, including increasing the balance in the fund corpus
and reasonable costs of administration.
(d) The state treasurer shall make transfers to the
appropriate public library under this section not later than the
end of the calendar quarter following the quarter during which
foundation gifts total at least ten thousand dollars
($10,000.00). If gifts are made through a series of payments or
transfers, no matching funds shall be transferred under this
section until the total value of all payments or transfers
actually received totals at least ten thousand dollars
($10,000.00).
(e) Except as provided under subsection (j) of this
section, matching funds transferred under this article shall not
be distributed to or encumbered by any public library foundation
in excess of the amount in the challenge fund account for that
library. Except to the extent authorized under subsection (j)
of this section, matching funds shall not be transferred to any
public library by the state treasurer except to match gifts
actually received by its foundation.
(f) If any public library board determines that the
purpose of an endowment gift to the public library's foundation
is not consistent with the mission or capability of that
library, the gift shall not qualify for matching funds under
this section.
(g) For the purpose of computing the matching amount, the
state treasurer shall use the value of an endowment gift based
upon its fair market value at the time the gift is received by
the public library foundation. The public library shall provide
evidence of fair market value for any gift if requested by the
state treasurer and shall fund the cost of providing any
requested evidence.
(h) Each public library shall on or before October 1 of
each year, submit a report to the state treasurer from its
foundation on the endowment matching program under this section
for the preceding fiscal year. The report shall include a
summary of funds raised under this program and the expenditure
of endowment earnings. The report required under this
subsection shall be for each applicable fiscal year through June
30, 2024.
(j) Notwithstanding subsection (e) of this section,
matching funds may be distributed to or encumbered by a public
library foundation in excess of the amount within the challenge
fund account of that public library if:
(i) Endowment gifts for that public library exceed
the amount within its challenge fund account;
(ii) The public library enters into a written
agreement with another public library having unencumbered
amounts remaining within its challenge fund account;
(iii) The public library with unencumbered amounts
within its account agrees to transfer any portion of its
unencumbered amount to that public library;
(iv) Matching funds transferred by the state
treasurer for amounts transferred between public libraries
pursuant to this subsection shall be divided equally between the
public libraries participating in the agreement.