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Investment Policy Statement

The Friends of the Rowley Public Library, Inc. invests membership fees, contributions and other gifts in an Investment Account for the benefit of the Rowley Public Library. The principal purpose of the Investment Account is to provide income to benefit programs at the Library that are not covered by its annual operating budget, and to provide staff development opportunities. From time to time, the Friends may elect to provide financial support for certain capital improvement projects at the Library.

The general investment objective of the Investment Account is to preserve principal while providing current income and long-term asset accumulation potential commensurate with generally accepted risk and reward characteristics. The Investment Account’s investment options shall range from conservative and moderate fixed income vehicles (such as money market accounts, certificates of deposit, and corporate and government-issued bonds and bond funds), to more aggressive long-term investment choices (such as domestic and international large capitalization, mid-capitalization and small-capitalization equities and stock funds). The overall weighting of fixed income investments shall remain at all times in the range of 85% to 100% of invested assets. Equities shall at all times comprise between 15% and 0% of invested assets.

The Executive Board of the Friends of the Rowley Public Library (the “Board”) is responsible for selecting the Plan’s investment options, periodically evaluating investment performance, and reporting on the Investment Account to the Friends membership. The Board shall review the performance of the Plan’s investment options quarterly and compare them against commonly accepted benchmarks. If the Board is dissatisfied with the performance of the Investment Account, it may take steps to remedy the deficiency. Incidences of persistent deficiencies in the investment manager selected to manage all or certain portions of the account may result in the manager’s termination.

This Investment Policy Statement shall be reviewed annually.

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