Legal Name: Drake Public Library Foundation
Exemption Status: ACTIVE
Internal Revenue Service Employer Identification Number: 47-2876568
Mission
To benefit the community by raising, managing, and distributing funds to enhance the services, facilities, and collections of the Library and to increase public awareness of Library needs and services.
Funding
The Foundation is a 170(b)(1)(A)(vi) organization. All contributions to it are deductible to the extent allowable by law 501 (c)(3). Funded by voluntary contributions, for both restricted and non restricted purposes, the Foundation welcomes immediate and planned gifts for its Endowment Fund, projects and capital campaigns. Gifts designated for restricted purposes may include, but are not limited to, collection development funds, publications, equipment, etc.
Foundation History
Incorporated in January 2015 to benefit the community by raising, managing and distributing funds to enhance the services, facilities and collections of the Drake Public Library, and to increase public awareness of Library needs and services. An elected, voluntary board comprised of 7 members governs the Foundation. Its administrative and operations costs are nominal.
Endowment Fund
Endowment Fund contributions are invested in a managed, segregated account with investment income credited to the same accounts until such time as the Foundation Board of Directors determines to disburse funds in concert with the Drake Public Library Foundation mission. The Drake Public Library Foundation Directors invest all monetary contributions upon receipt and realize the cash value of all non monetary contributions as soon as practical and prudent. Restricted gifts to the Drake Public Library Foundation are used for the purpose or purposes specified by the donor. Endowment Fund investment income is used to supplement public funds appropriated by the Centerville City Council for Drake Public Library services. Voluntary gifts do not replace tax dollars available to support current or improved library services.
A Foundation report is provided annually.
