What are the advantages of having a Foundation?
» The Foundation is a politically independent organization and as such is not subject to local government control.
» The Foundation is better able to invest large sums of money meant for library use.
» The Foundation is better able to solicit funds, especially larger donations and bequests.
» Donations to the Foundation can be restricted by the donor for a specific purpose, e.g., purchase of books, specific remodeling purposes, etc.
» The Foundation will have more opportunities for obtaining grants to help the library.
What are the Foundation’s goals?
The goal is to elicit funds from individuals and businesses through bequests, grants and gifts to support the present functioning of the library and to secure its future. The Foundation can help ensure the library’s long-term success by establishing an endowment to form a “foundation” for the library’s future.
Don’t my taxes pay for the Drake Public Library?
While public funds make libraries possible, they no longer cover the basic operating budget. Donations and community support allow libraries to flourish. All contributions go to support technologies, programs, and community needs that are beyond the library’s operating budget.
Is the Foundation a city entity?
No. The Drake Public Library Foundation is an independent 501 (c)(3) organization led and funded by community members.
What is the difference between the Library Board and the Library Foundation?
Library Board members are appointed by the mayor and approved by the city council. The Library Board makes administrative decisions for the library such as adopting policies and setting the budget. The Library Foundation works to raise private funds for library services and decides how those funds will be used.
How will my donation be used?
100% of your donation will be used to support collection development, programs, technology initiatives and other library services.
How does the Library Foundation differ from the Friends of Drake Public Library?
The Friends organization has been in existence for many years while the Foundation is new. Both organizations are tax-exempt and were established to raise money to support Drake Public Library and its activities. Both organizations work with the Library Director and the Library Board for the betterment of the library.
The Friends is a grassroots organization with the goals of friend raising and fund raising.
The Foundation focuses on fund raising through bequests, donations and grants. Its funds are used for larger expenses such as capital improvements, special collections, special grants, etc. The Foundation has no members, only a Board of Directors.