§ 2.05.050. Funds generated by disposal of items.

A.

Funds generated by the disposal of deaccessioned items shall be used in accordance with the standards of the American Alliance of Museums and Association of Art Museum Directors and as revised from time to time. The City and OMCA will maintain current copies of the policy in the City Administrator's Office and at the OMCA.

i.

Funds generated by the sale or disposal of deaccessioned items are restricted and must only be used for the purchase of new collections and shall not be used for collection care, operating, or other expenses of the OMCA or the City of Oakland.

ii.

Such funds, and accrued interest on those funds, shall be deposited in the City of Oakland account(s) established for the OMCA and strictly reserved for the purchase of new objects for the collection.

iii.

The City of Oakland will provide a financial process and disperse funds to the OMCA for using these funds for purchase of objects for the Collection and provide an annual update to the OMCA of funds in the account(s).

B.

Funds generated by objects acquired for sale.

i.

If objects accepted for sale were given expressly to support a program or activity (restricted gifts), funds realized from the sale will honor the donor's intent and may be allocated accordingly upon the recommendation of the OMCA Director, less any direct costs of the sale incurred.

ii.

Funds from the sale of gifts or bequests of art work or artifacts that are not formally accessioned into the collection and are not restricted by donor designation may be used for a variety of purposes to benefit the OMCA in accord with the OMCA Policy Concerning Gifts of Tangible Property and as revised from time to time. The City and OMCA will maintain current copies of the policy in the City Administrator's Office and at the OMCA.

(Ord. 13461, § 1, 11-28-2017)