(A) A Control Fund is hereby established for all restricted donations received by the town.
(B) Separate, individual accounts will be established to account for each restricted donation and each type of restricted donation. Activities of, or related to, the separate accounts - receipts, disbursements, balances - will be accounted for, reported, and reflected as part of the Control Fund.
(C) Income from investments on restricted donations should be receipted into the same account in which the principal of the donation has been receipted, provided it is to be used for the same purpose as the principal.
(D) Payments may be made, without appropriation and at any time, from the separate accounts of the Control Fund for the purpose or purposes specified by the respective donor. Accounts payable vouchers must be filed and approved in the regular legal manner before payments are made.
(Ord. 2013-12, passed 12-2-2013)