Salida Regional Library: Endowment Fund

The library’s Board of Trustees began the endowment fund in 2002 with the express purpose of investing and protecting the principal of designated gifts and thereby producing earnings that will support library needs and projects. Only the earnings from investments may be spent.

The Board started the fund with $25,000 made up from portions of several recent gifts from the estates of long-time library patrons Brick Chisholm, Dorothy Koster, and Betty Arper, as well as a gift from retired Salida teacher Dean Rouse.

In January 2006, the fund received a bequest of $71,138 from lifelong Salida resident Cecilia Williams.

In the Fall of 2006, the fund received $184,000 from the Caroline Braswell Trust.

How to give to the Endowment Fund

People may be reluctant to give to an organization’s general fund any of the wealth they have spent a lifetime accumulating.

The Endowment Fund is the perfect option. It is a separate fund created by resolution to receive sustaining gifts that will be used for investments to generate income for the library. The principal of the gifts may not be spent.

The Endowment Fund can receive outright gifts, marketable securities, bequests designated in your will, real property.

Also, there may be a Planned Giving option that can save you or your heirs taxes while providing for a gift to the library endowment fund. Speak with your estate planner or legal advisor to see if your circumstances can be improved this way.

Please see Director Jeffrey Donlan if you have questions or wish to make a gift to the endowment.

Resolution establishing a new fund for the Salida Regional Library for the purpose of receiving gifts, to be managed for the preservation of capital and production of earnings to be used for library purposes identified by the library board and the library director.

Whereas, the Board of Trustees of the Salida Regional Library is charged with the management and control of the library, and;

Whereas, the responsibility for the management of the library includes securing its funding from taxes and other sources, and;

Whereas, the powers and duties of the board (C.R.S. 24-90-109) include the power to “accept such gifts of money or property for library purposes as it deems expedient,” and;

Whereas, the board perceives a need for a fund for the purposes of receiving gifts designated for investment and investing those gifts for long-term benefit to the library;

Now therefore be it resolved by the Board of Trustees of the Salida Regional Library that: (i) a fund called the Salida Regional Library Endowment Fund shall be established to receive gifts designated by donors or the Board of Trustees, and (ii) the purpose of the fund shall be to generate income from investment of the fund to be used for immediate library purposes, or for the growth of the fund, as designated by the Board of Trustees, and (iii) this fund shall be managed by the Board of Trustees and invested according to Colorado state law for investment of public funds (C.R.S. 24-75-601).

Library History

The Salida Regional Library is operated by the Southern Chaffee County Regional Library District, which levies property tax in the southern half of Chaffee County to support the library.

In 1894, eleven women formed the Tuesday Evening Club, which had among its cultural objectives the formation of a city library. The library grew and moved, until a campaign was begun in 1905 to build a public library.

A grant was received from the Carnegie Foundation, and the cornerstone for the new building was laid in 1908, engraved with “Tuesday Evening Club.”

Voters approved the formation of a library district in 1974. Subsequent approval of tax increases grew the library services.

In 1997, an addition to the Carnegie building was completed. The library also acquired adjacent property for future needs.

The Library Today:

The library is currently open 7 days and 70 hours per week, with some services available 24 hours a day at home via the Internet.

Hours:
Mon-Fri. 9:00 a.m. – 8:30 p.m.
Saturday 9:00 a.m. – 5:30 p.m.
Sunday 1:00 p.m. – 5:00 p.m.
Director: Jeffrey Donlan
email: jdonlan@salidalibrary.org

Board of Trustees 2007
Dick Isenberger, President
Steve Craig, Vice-President
Connie DeLuca, Secretary
Susan Ragan, Trustee
Tim Sundgren, Trustee

	*Endowment Fund*
The library’s Board of Trustees began the endowment fund in 2002 with the express purpose of investing and protecting the principal of designated gifts and thereby producing earnings that will support library needs and projects. Only the earnings from investments may be spent. The Board started the fund with $25,000 made up from portions of several recent gifts from the estates of long-time library patrons Brick Chisholm, Dorothy Koster, and Betty Arper, as well as a gift from retired Salida teacher Dean Rouse. In January 2006, the fund received a bequest of $71,138 from lifelong Salida resident Cecilia Williams. In the Fall of 2006, the fund received $184,000 from the Caroline Braswell Trust. At the end of 2006, the Endowment Fund balance stood at $288,000. How to give to the Endowment Fund People may be reluctant to give to an organization’s general fund any of the wealth they have spent a lifetime accumulating. The Endowment Fund is the perfect option. It is a separate fund created by resolution to receive sustaining gifts that will be used for investments to generate income for the library. The principal of the gifts may not be spent. The Endowment Fund can receive outright gifts, marketable securities, bequests designated in your will, real property. Also, there may be a Planned Giving option that can save you or your heirs taxes while providing for a gift to the library endowment fund. Speak with your estate planner or legal advisor to see if your circumstances can be improved this way. Please see Director Jeffrey Donlan if you have questions or wish to make a gift to the endowment. Resolution 2002-1 Resolution to establish an endowment fund Resolution establishing a new fund for the Salida Regional Library for the purpose of receiving gifts, to be managed for the preservation of capital and production of earnings to be used for library purposes identified by the library board and the library director. Whereas, the Board of Trustees of the Salida Regional Library is charged with the management and control of the library, and; Whereas, the responsibility for the management of the library includes securing its funding from taxes and other sources, and; Whereas, the powers and duties of the board (C.R.S. 24-90-109) include the power to “accept such gifts of money or property for library purposes as it deems expedient,” and; Whereas, the board perceives a need for a fund for the purposes of receiving gifts designated for investment and investing those gifts for long-term benefit to the library; Now therefore be it resolved by the Board of Trustees of the Salida Regional Library that: (i) a fund called the Salida Regional Library Endowment Fund shall be established to receive gifts designated by donors or the Board of Trustees, and (ii) the purpose of the fund shall be to generate income from investment of the fund to be used for immediate library purposes, or for the growth of the fund, as designated by the Board of Trustees, and (iii) this fund shall be managed by the Board of Trustees and invested according to Colorado state law for investment of public funds (C.R.S. 24-75-601). Library History The Salida Regional Library is operated by the Southern Chaffee County Regional Library District, which levies property tax in the southern half of Chaffee County to support the library. In 1894, eleven women formed the Tuesday Evening Club, which had among its cultural objectives the formation of a city library. The library grew and moved, until a campaign was begun in 1905 to build a public library. A grant was received from the Carnegie Foundation, and the cornerstone for the new building was laid in 1908, engraved with “Tuesday Evening Club.” Voters approved the formation of a library district in 1974. Subsequent approval of tax increases grew the library services. In 1997, an addition to the Carnegie building was completed. The library also acquired adjacent property for future needs. The Library Today: The library is currently open 7 days and 70 hours per week, with some services available 24 hours a day at home via the Internet. Salida Regional Library 405 ‘E’ St. Salida, CO 81201 719-539-4826 Website: http://salidalibrary.org Hours: Mon-Fri. 9:00 a.m. – 8:30 p.m. Saturday 9:00 a.m. – 5:30 p.m. Sunday 1:00 p.m. – 5:00 p.m. Director: Jeffrey Donlan email: jdonlan@salidalibrary.org Board of Trustees 2007 Dick Isenberger, President Steve Craig, Vice-President Connie DeLuca, Secretary Susan Ragan, Trustee Tim Sundgren, Trustee Download the brochure .pdf version