When library trustees sat down in 2001 to craft a long-range strategic plan, they recognized the need to ensure the library’s long-term financial stability. From those discussions came the establishment of the library’s endowment fund, with the goal of raising $1 million and a commitment to continued excellence in service to Canton residents. The current library board has taken that commitment one step further with the agreement to transfer the management of the library’s fund, currently in the amount of $352,000, to the Canton Community Foundation.
“Transferring management of the library endowment fund to the Canton Community Foundation allows us to take advantage of their investment and philanthropic expertise,” says library director Eva Davis. “This partnership has been in the works since 2008, when former CCF President Joan Noricks initiated these discussions, and I think our residents will agree that keeping the endowment managed locally, by our hometown community foundation, is the right decision.”
Transferring the library’s fund is more cost effective because the foundation manages component funds, investing the individual gifts and bequests as a family of funds, thereby achieving significant economies of scale in both investment and administration.