Recently Asked Questions (RAQs)
Displaying 1 - 2 of 2
| Question | Submission Date |
|---|---|
| Public Library Investments and the “True Trust” Escape Hatch At a recent training held by my cooperative library system, I learned that all public library investments must be in accounts that meet the requirements of the General Municipal Law, unless they are in a “true trust.” What is a true trust, and if it turns out my public library has some stocks that aren’t allowed, can my library create a true trust so we can keep our stocks? |
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| Stock investments [An association library asks...] A local bank that we have an account with has gone public. They sent information to invest in shares or stocks of the company. The opportunity to invest in our community was intriguing but we were not sure it would be legal since we are a non-profit. It would be affordable even as a small minimum amount and we had the funds to invest. We would not use money that was levied by taxes only unrestricted donations. Could we have invested in a bank, or a stock, share of a public company? We were not given much time so we are not investing at this point but would like to know for future reference. I contacted our investor that we have in other funds and they did not feel comfortable advising without legal input. |