What is a Lafayette Public Library Foundation Endowment?
An endowment is created when money is donated to a non-profit organization, which then uses the investments for a specific purpose. The Foundation’s endowment purpose is buying books and media for the Lafayette Public Library system. The Lafayette Public Library Foundation endowment program, like most endowments, is designed to keep the principal amount intact while using the investment income for charitable purposes such as books for public libraries.
Reasons to Create a Named Endowment?
- Creates an ongoing source of income when the endowment is fully funded as only investment income is used, not principal.
- Gives our community greater certainty that they will be able to support our libraries if other sources of income decline
- Establishes a legacy, remembering in perpetuity loved ones
- Magnifies the benefit of what donors may have been able to give during his or her lifetime through perpetual investment
$100 Can Start an Endowment
Any person, business or entity wishing to support the library can start their own Named Endowment (Pugh Family Foundation, The Daughters of John C. Whittington, Lafayette General Medical Center, The Woman’s Club of Lafayette) for a minimum of $100. There is no time limit to fully fund your endowment. All donations to every Named Endowment are tracked by the LPLF treasurer. When the principal amount reaches $1,000 one book will be bought for the library annually in perpetuity in the name of the endowment. Those who establish Named Endowments can choose the category of books to be purchased such as Children, Adult, or Specialty Area such as French Culture or leave the selection to the library.
All donations made to the Named Endowment Program are part of the LPLF Named Endowment investment portfolio and are tracked monthly. If incremental donations are made, rather than a lump sum of $1000, the contact person will be notified when the endowment is fully funded and your purchased book will be plated.
For more information on establishing a Named Endowment, please email endowments@LPLFoundation.org.