Russell Hervey Library Fund Policy

1.0    Purpose

The purpose of the policy is to administer the funds as intended by the terms established by the donor of the gift.

2.0    Background

The Russell Hervey Library Fund was established by Daral G Conkin [Hawaii USA] in memory of the former Mayor - the late C Russell Hervey and to be applied for the benefit of the Timaru District Library in a lasting and beneficial way.

The original gift was in the sum of US $10,000.

This fund supports the ongoing enhancement of libraries services and facilities through targeted application of the set funds for the betterment of the library users.

3.0    Key Definitions

  • Donor - One who gives a gift or transfers title to an asset without receiving any consideration in exchange.
  • Fund - A sum of money or other resources whose principal or interest is set apart for a specific objective.

4.0    Policy

  1. That a special account be set aside to be known as “The Russell Hervey Library Fund” to which further funds from other donors may be added.
  2. That a Subcommittee of the Community Development Committee comprising the Libraries Manager, the Group Manager Community Services and the Chairman of the Community Development Committee, be authorised to apply the accumulated income for the purposes of the Timaru District Library.
  3. That when exercising their discretion as to the application of the fund, the Subcommittee (but without limiting or restricting their discretion), shall bear in mind the stated preferences of the donor as follows:
    1. The benefit to  the Library must, where possible, be both lasting and beneficial;
    2. The benefit need not be restricted to the acquisition of physical assets but may be applied (for example) for salary supplements or incentives which would not ordinarily be available to staff;
    3. The Subcommittee must be receptive to the availability of modern computer technology and flexible in their appreciation of the application of such technology to Library services.
  4. That copies of the donor’s letters to the Libraries Manager be made available for the Subcommittee’s reference in order to assist them in exercising their discretion.

Adopted Community Development Committee 26 April 2016