N.Y. General Municipal Law § 6-u: Charitable gifts reserve fund

§ 6-u. Charitable gifts reserve fund. 1. The governing board of any

city with a population less than one million, town or village may

establish a reserve fund to be known as a charitable gifts reserve fund.

2. Such fund may receive unrestricted charitable monetary

contributions and the moneys in such fund shall be deposited and secured

in the manner provided by section ten of this article. The governing

board, or the chief fiscal officer of such town, village or city, if the

governing board shall delegate such duty to him or her, may invest the

moneys in such fund in the manner provided by section eleven of this

article. Any interest earned or capital gain realized on the money so

deposited or invested shall accrue to and become part of such fund. The

separate identity of such fund shall be maintained whether its assets

consist of cash or investments or both.

3. At the end of the fiscal year, the governing board of the town,

village or city, within sixty days of the close of the fiscal year, may

transfer the funds to the general fund or other fund of the municipal

corporation, so that the funds may be used for charitable purposes.

4. The governing board shall establish a procedure for contributions

to the charitable gifts reserve fund, which shall include the provision

of a written acknowledgment of the gift to the contributor.