Award and Endowment Funds
7.a General

Research award amounts are set at the winter Board meeting and all other award amounts are set
at the spring Board meeting (Board minutes, 02/2012, 09.g). Research awards (Bradley, Epstein, and
Gerboth) need to be set earlier so that applications can be solicited.

Donations made throughout the fiscal year that are designated for a particular award fund are initially deposited into the checking account and are transferred to their targeted Temporarily Restricted accounts (regular or socially conscious) at the end of each quarter. In 2010, the Association created a separate “Awards Account” with Fidelity to shield the current year’s award monies from market fluctuations. (Board minutes, 09/2009, III) After award amounts are determined, and before they are paid, the Finance Committee will direct the Administrative Officer to transfer an amount equal to the total of all award payments for that year into the Awards Account. Disbursement of awards to the designated recipients will be made from this fund.

Spending policy should be uniform for all temporarily restricted award and endowment funds, unless directions exist from original donors. Unless otherwise stipulated for a particular fund, MLA will use up to 4.5% of the assets in any award or endowment fund to fund the corresponding award or program, i.e., MLA will fund the awards based on a formula of spending not to exceed 4.5% of the assets in each fund, calculated by averaging the December 31 value of the fund over the past five calendar years. The amount of the award may be less than the maximum 4.5%. The same policy will guide spending from endowment funds other than the MLA Fund. This policy supersedes all
previous policies. (Minutes, 09/2012, 09.g)

If an award or endowment fund is split between socially responsible investments (currently Calvert) and traditional investments (currently Fidelity), determine the percentage of the total fund deposited in each and transfer a proportional amount from each to fund the award or program. For example, if 60% of the total fund is in a traditional investment account and 40% in a socially responsible account, 60% of the award amount will come from the traditional account and 40% from the socially responsible account. This policy supersedes all previous policies. (Minutes,
09/2012, 09.g)

7.b MLA/IAML award and endowment funds summary

 Donation to FundAsset type  Amount for following year is determined
 Bradley Fund Temporarily restricted At Winter Board meeting
 Epstein Fund Temporarily restricted At Winter Board meeting
 Gerboth Fund Temporarily restricted At Winter Board meeting
 MLA Fund Unrestricted At Winter Board meeting
 Duckles Publications Awards Fund Temporarily restricted At Winter Board meeting
 Hill Fund Temporarily restricted At Winter Board meeting
 O'Meara Fund Temporarily restricted At Winter Board meeting
 Freeman Fund Temporarily restricted At Winter Board meeting
 Wicker Fund Temporarily restricted At Winter Board meeting
 Ochs Fund Temporarily restricted At Winter Board meeting
 Coral US-RILM Fund Temporarily restricted At Winter Board meeting
 Coral IAML Travel Grant Fund Temporarily restricted At Winter Board meeting
 Ratliff IAML Outreach Fund Temporarily restricted Spent at Board discretion
 Mayo Fund  The small amount of money
in this fund was transferred to
Wicker in 2012

7.c Lenore Coral US-RILM Fund

Donations made to the Lenore Coral US-RILM Fund are designated as temporarily restricted and are to be deposited in an appropriate investment vehicle. (Minutes, 10/2003, X.C)

7.d Epstein

Beginning in the year 2025, the MLA Board of Directors will review the endowment every five years, and may extend the life of the endowment for an additional five years or may dissolve the endowment by transferring its assets to the general endowment of MLA.

Up to twenty-five (25) percent of the income generated from the endowment each year shall be added to the principal to offset inflation

The remaining income will be devoted to grants-in-aid of research, but at the end of each year, all
unexpended income will be added to the Endowment’s principal.

The MLA Administrative Officer will monitor the income from the endowment and will prepare annual reports on the income, expenditures, and principal and send copies to the Fiscal Officer and to the Epsteins.

The MLA Finance Committee will recommend an amount for the grant to the Board of Directors annually. This figure will be included in the annual announcement inviting applications.
(All of the above verbiage re: the Epstein award is excerpted from the Endowment Guidelines for the
Fund, dated May 2, 1995)

7.e Freeman

Winners of the Freeman Travel Grant will be granted free registration at annual meetings. (Minutes,
09/1996, XI.B.2) The wording of the first paragraph of the Call for Applications shall read: The Freeman Award provides a cash award of up to $750 for travel and a room at the convention hotel (at half of the double-occupancy rate). In addition, MLA will waive the conference registration free. (Minutes, 10/2004, XI.B.3)

7.f Gerboth

Less than $1,000.00 can be awarded, but potential applicants need to know that they can apply if they need less than that. Applications should include a budget, and the budget should accompany the committee’s recommendation to the Board. (Minutes, 02/1992, VII.B.2.b)

7.g Wicker Family Fund

Proceeds from the Wicker Family Fund shall be applied to the funding of the First Time Attendees reception at the annual meeting. (Minutes, 09/1998, IV.A.3.f.5)

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About MLA

The Music Library Association is the professional association for music libraries and librarianship in the United States. Founded in 1931, it has an international membership of librarians, musicians, scholars, educators, and members of the book and music trades. Complementing the Association’s national and international activities are eleven regional chapters that carry out its programs on the local level.