(a) Policy for Privately Contributed Funds. It is hereby specified that any private funds given, contributed, bequeathed or otherwise delivered with donative intent to the Municipality of Woodsfield and available for investment shall not be subject to the restricting requirements of the Investment and Capitalization Policy controls intended for non-privately contributed funds (deposited by allocation or grant of public funds).
(b) Protective Controls for the Investment and Management of Privately Contributed Funds. To ensure the prudent management of privately donated funds available for investment, all relevant Federal and State laws shall apply, as well as any conditions directed by the donor. All privately contributed funds shall be managed to achieve returns on investment that would be comparable with similar funds and financial market indices. This specifically includes (without limitation) the authorization of consideration of investment in Common Stocks.
(1) Communication regarding Investment Performance and Account Activity. The Mayor, President of Council, Fiscal Officer, Village Administrator, and any other Municipal Officials designated by the Mayor shall comprise a group (hereinafter referenced "Investment Report Group") that shall communicate with any Financial Advisor or Consultant engaged by the Municipality of Woodsfield to manage the investment of privately-contributed funds (hereinafter referenced, "Financial Advisor”).
A. At a minimum, the Investment Report Group shall meet with Financial Advisor at least once per year.
B. To allow review and assessment of information reported for the previous calendar year, this annual meeting shall occur on or before February 12th, or upon such other date as may be amended by the determination of the Investment Report Group.
C. Any Financial Advisor providing consultation to the Municipality of Woodsfield regarding the management of privately-contributed funds shall provide a report or statement (from any broker or dealer) regarding account activity and return on investment performance at least once every month.
D. Each transaction shall require ratification by all three (3) authorized signators. The signators or agents authorized to direct any transaction(s) upon any account holding privately contributed funds shall consist of the Mayor, the Fiscal Officer, and the Council's Finance Committee Chairperson. If the Council's Finance Committee Chairperson is unavailable, then an alternate member of the Council's Finance Committee may sign as the substitute for the Council's Finance Committee Chairperson.
E. Any single withdrawal or transfer that equals or exceeds twelve thousand dollars ($12,000.00) may only be made upon the prior authorization of Council, as registered by a resolution certified by Council.
F. If the combined total of withdrawal(s) or transfer(s) exceed the aggregate of fifteen thousand dollars ($15,000.00) in any calendar year, then any further withdrawal or transfer (regardless of amount) may only be made upon the prior authorization of Council, as registered by a resolution certified by Council.
G. All transactions shall be reported to Council within thirty (30) days of the date of the subject transaction.
(Ord. 1236-2018. Passed 6-18-18.)