FOUNDING
The Foundation was created in 1983 in the wake of Proposition 13’s passage and amidst growing certainty that Library tax-based funding was unpredictable and limited. The City Librarian at that time declared the Foundation “will serve a role unlike any of the other support groups. It will solicit funds for long-range projects which will supplement the City’s tax-based ability to fund the l
ibrary.”
FOCUS
By 1989, after funds raised were distributed as grants and depleted, the Foundation determined that funding a long-term endowment was preferable to short-term fundraising. The Foundation adopted a Statement of Purpose declaring the Foundation’s mission to build an endowment and to use the income and appreciation to help support the Library. In 2000, the Foundation implemented a multi-year Major Donor campaign to increase the Endowment. As a result of this campaign and a deliberate investment policy, the Endowment grew over the ensuing decade. Because the Endowment value approached, but never reached, the targeted level of $1 million, funds were retained rather than directed to support the Library. RELAUNCH
In early 2010, persistent recession and increasing constraints of City-support stood in sharp contrast to the City Librarian’s visionary strategic plan. Consequently, the Foundation reevaluated its mission and direction. To respond to the Library’s current priorities, the Foundation has committed to spearhead annual fund drives, beginning with the Centennial Campaign in 2011. Both major donor gifts and smaller donations will be targeted. These campaigns will provide a vital source of unrestricted funds to broaden the Library’s reach in serving the community. The Foundation still intends to safeguard the Library’s future by building its Endowment. This growth will occur through planned gifts, selected major donor gifts and earnings. Once the Endowment reaches $1 million, a portion of annual income will be directed to support Library services. To learn more about the Library Foundation, see our FAQ's on the Library website at http://www.millvalleylibrary.org/Index.aspx?page=543
