Salida Regional Library’s 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.
History of the Fund
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, a bequest of $71,138 was added to the fund from lifelong Salida resident Cecilia Williams.
In the Fall of 2006, a bequest of $184,000 was added to the fund from the Caroline Braswell Trust.
By the end of 2014, the Endowment Fund had received gifts totalling $330,635.00.
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, and 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 Susan Matthews if you have questions or wish to make a gift to the endowment.
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).