Skip to content

The library building (including the drive-up window and The Cafe) will be closed all day Monday, May 27 to celebrate the Memorial Day holiday.

Monday – Thursday: 9 am – 9 pm
Friday: 9 am – 6 pm
Saturday: 9 am – 5 pm
Sunday: 1 – 5 pm

Thursday, May 23, 2024  |  9 am – 9 pm

Monday – Thursday: 9 am – 9 pm
Friday: 9 am – 6 pm
Saturday: 9 am – 5 pm
Sunday: 1 – 5 pm

Policies govern many aspects of Glen Ellyn Public Library and are approved by Board of Trustees. The Board of Trustees may modify or amend these policies at any time.

Investments Policy

Last Revised: February 12, 2012

Purpose and Scope

The purpose of this policy statement is to outline the responsibilities, general objectives, and specific guidelines for management of public funds by Glen Ellyn Public Library. Its scope is all funds of the library.


All investment policies and procedure of Glen Ellyn Public Library will be in accordance with Illinois law. The authority of the library Board of Trustees to control and invest public funds is defined in the Illinois Public Funds Investment Act and the investments permitted are described therein. Administration and execution of these policies are the responsibility of the Treasurer, who is hereby delegated as “Chief Investment Officer” of the library acting under the authority of the library Board of Trustees.

Delegation of Authority

Administrative responsibility for the investment program is delegated by the Chief Investment Officer. The Library Director and Business Manager are responsible for establishing internal controls and written procedures for the operation of the investment program. Investment decisions are made in conjunction with the Chief Investment Officer of the library.

“Prudent Person” Standard

All library investment activities administered by Glen Ellyn Public Library Board shall use a “prudent person” standard of care. Public funds shall be handled with judgment and care, under circumstances then prevailing, which persons knowledgeable of investment and treasury management practices and persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the safety of their capital as well as the possible income to be derived.


The following objectives, in priority order, will be considered in selecting financial institutions and investment instruments

  • Safety of principal
  • Liquidity
  • Rate of return

The following guidelines shall be used to meet the general investment objectives:


Authorized investments include and will primarily consist of: Certificates of Deposit, Treasury Bills and other securities guaranteed by the U.S. government, participation in the State of Illinois Public Treasurer’s Investment Pool and Illinois Metropolitan Investment Fund.

All deposits with financial institutions other than those secured by the FDIC shall be fully collateralized at not less than one hundred ten percent (110%) of the fair market value of the funds secured. Pledged collateral will be held either by the library or in safekeeping and evidenced by the safekeeping agreement. If collateral is held in safekeeping, it shall be held by a third party acceptable to the library or by an escrow agent of the pledging institution.

Custody of any investments in US Government securities other than those of the US Treasury will be held by a third party custodian rather than the original investment broker.


The investment structure shall remain sufficiently liquid to assure that the operating requirements of the library are met in a timely fashion.

Rate of Return

The library Board will seek to regularly take advantage of the highest rate of return available from approved securities. The library will endeavor to keep all available cash invested in interest-bearing accounts.

Maintaining the Public Trust

The library will avoid any transaction that might impair its public confidence. Diversification will be sought in order to minimize the risk of loss associated with any individual security type or individual financial institution.


Fund balances and the status of such accounts will be reported at each regularly scheduled meeting of the library Board and at least quarterly include information regarding securities in the portfolio. At least annually, the Chief Investment Officer shall review this policy for any needed modifications and report to the Board on the investment portfolio, its effectiveness in meeting the library’s need for safety, liquidity, rate of return, diversification, and general performance.

Annual Audit

The required annual examination of the financial statements of the library will include an examination of the application of the library’s treasury management. The examination shall include an evaluation of controls in place to prevent the possible loss of funds arising from fraud, error, misrepresentation, theft, or imprudent actions by the employees or agents of the library.

Conflicts of Interest

Officers and employees involved in the investment process shall refrain from personal business activities that might conflict with the proper execution and management of this investment program, or that could impair their ability to make impartial decisions, or that could give the appearance of impropriety.

chat loading...

Accessibility Toolbar