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Benefits and Steps Involved
What is a Library Foundation?
  • Non profit corporation registered with the OR Secretary of State
  • 501(c)(3) tax exempt organization granted by the Internal Revenue Service
  • A completely separate and private entity from the library governing board

Why Form a Library Foundation?
  • Generally, a building campaign energizes volunteers to start a library foundation.
  • Tremendous opportunity to gain visibility for the library in your community
  • Provides significant resources to supplement library budget
  • GIFTS for the library FROM WILLS and ESTATES!

What is the Role of Friends?
  • Membership organization
  • Advocacy/lobbying
  • Book sales and fairs
  • Key Friends recruited to lead a foundation

IRS Requirements
  • Package 1023 and 8718, available from any IRS office
  • Application for recognition of Exemption -- under section 501(c)(3) of the Internal Revenue Code
  • Tax exempt status (needed for deductibility of gifts)
  • EIN -- Employer Identification Number also given

Corporation Division
  • OR Secretary of State, corporation division
  • Register as a non profit corporation

By-Laws
  • Required by Secretary of State´s office
  • Use samples from other Oregon library foundations
  • May be amended, as needed by a vote from the Foundation members

Board Member Job Description
  • Multnomah County Library Foundation is a good example
  • Expectation for annual significant gift from board members
  • Term of service
  • Committee assignments listed

Board Development
  • Grow our membership outside library community
  • Staff and elected officials can support library in other ways
  • Strategic planning for representation
  • Long Term commitments -- emeritus for founding members
  • Who are the movers and shakers?
  • Connections to the community: non library!
               MEDIA
               Educational organizations
               Major employers, small business owners,
               Philanthropists
              Civic groups
              Financial professionals:  brokers, legal, insurance


Policies and Proceedures
  • Investment policies
  • Endowment fund
  • Gift acceptance policies