RBMS Manual / Agreement Endowing the Leab Awards

The Agreement is between the American Library Association, a membership association with headquarters in Chicago, Illinois, on the one part, and Katharine Kyes Leab and Daniel J. Leab, of Washington, Connecticut (hereinafter referred to as the Leabs), on the other part.

Whereas, the parties wish to establish an endowment fund to support and maintain the Exhibition Catalogue Awards program of the Rare Books and Manuscripts Section of the Association of College and Research Libraries, a division of the American Library Association (hereinafter referred to as the Exhibition Catalogue Awards program.)

Now therefore, in consideration of the above, and of the mutual promises and obligations set forth below, the American Library Association and the Leabs mutually agree to the following:

  1. The Leabs agree to donate to the American Library Association eight thousand dollars ($8,000) to fund an endowment to support and maintain the Exhibition Catalogue Awards program.
  2. The American Library Association shall hold, invest, reinvest, and disburse the endowment fund established with the Leabs' donation.
  3. The Association of College and Research Libraries, a division of the American Library Association, shall administratively support the use of the endowment fund to support and maintain the Exhibition Catalogue Awards program.
  4. The name of the awards is to be the Katharine Kyes Leab and Daniel J. Leab American Book Prices Current Awards.
  5. The income earned annually by the principal of the endowment fund may be used to support and maintain the Exhibition Catalogue Awards program. Should in any year all of the income not be required to be expended to support and maintain the Exhibition Catalogue Awards program, the unexpended residue of the income shall be reinvested as principal of the endowment fund.
  6. It is the Leabs' desire, in anticipation of general economic inflation in the future, that the principal of the endowment fund be allowed to increase as a result of reinvesting as principal any unexpended residue of the annual income of the endowment fund. Nevertheless, should in any year the annual income of the endowment be insufficient to support and maintain the Exhibition Catalogue Awards program, monies necessary to support and maintain the Exhibition Catalogue Awards program may, with the exercise of due prudence, be withdrawn from the principal of the endowment fund, to the extent that the value of the endowment fund has increased over its original value of eight thousand dollars ($8,000). Monies may not be withdrawn under this provision in an amount that would reduce the value of the principal to less than eight thousand dollars ($8,000).
  7. Should circumstances require or make advisable the cessation or abandonment of the Exhibition Catalogue Awards program, it is the desire of the Leabs that the income earned by the endowment fund be used to support the objectives that the Rare Books and Manuscripts Section of the Association of College and Research Libraries is meant to serve, in a manner determined by the Executive Committee of the Rare Books and Manuscripts Section. Under such circumstances, the same provisions for the reinvestment as principal of the unexpended residue of the income of the endowment fund and of withdrawal from the increased value of the principal of the endowment fund, that are established above in paragraph 6, shall apply.
  8. Should circumstances require or make advisable cessation or abandonment of the Exhibition Catalogue Awards program, it is the desire of the Leabs that, if living, their concurrence be gained to any change in the use of the income of the endowment fund.
  9. The Rare Books and Manuscripts Section will provide the Leabs each year, unless otherwise instructed in writing by the Leabs, one copy of all exhibition catalogues submitted for consideration under the Exhibition Catalogue Awards program.
  10. A reasonable annual fee may be charged against the income of the endowment fund by the Association of College and Research Libraries for the administrative support it provides in the character of such services as photocopying, postage and mailing, telecommunications, and staff support, but only expenses directly and specifically attributable to the administration of the Exhibition Catalogue Awards program may be so charged.
  11. This Agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of Illinois.
  12. This Agreement constitutes the entire Agreement between the parties hereto with respect to the subject matter thereof. The Agreement may be reviewed and amended at any time by mutual agreement between the parties, provided that any modifications of this Agreement shall be in writing and shall be signed by both parties. There are no understandings, representations, or warranties except as herein expressly set forth, and no rights are granted except as expressly set forth herein.

By: [signed] Susan C. Odmark
For the American Library Association
Date: [dated] June 15, 1987

By: [signed] Katharine Kyes Leab
Date: [dated] 22 May 1987

By: [signed] Daniel Leab
Date: [dated] 22 May 1987

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