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Frequently Asked Questions about the Booked for Life Campaign
Details on the BOOKED FOR LIFE ENDOWMENT CHALLENGE GRANT
What is an Endowment?
An endowment is a legacy investment of funds that provides endless support to a charitable cause. For the Monona Public Library, an endowment will provide an ongoing source of income that can be used for years to come to supplement the library’s materials budget. By preserving the money you donate and using only the earned interest from the endowment contributions, the Monona library will be able to purchase new materials over many years, helping maintain a strong and inviting library that provides resources for all ages and needs.
What is the “Booked for Life” endowment?
Thanks to a matching grant from the Madison Community Foundation, our Monona Public Library Foundation has a special opportunity this year to earn up to $50,000! For every two dollars donated or pledged to the Booked for Life endowment campaign, the library earns one dollar in grant funds. A donation of $100 grows to $150 once the match grant is added or a contribution of $500 becomes $750 with the matching grant funds, and so on.
What is unique about giving this year?
The Booked for Life endowment represents a special opportunity for individuals and families to establish a legacy gift that will safeguard our incredible library for future generations. As a member of our community, we invite you to make a one-time donation of $500 to the endowment, thereby providing the library with the financial resources to purchase one new item each year in perpetuity, bearing a book plate that names you and/or someone special being honored by the donation. Your $500 legacy gift is a beautiful way to show esteem for a family member or friend.
Achieving the $500 sponsorship level may be easier than you think if you join together with extended family, friends, neighbors, co-workers or others to make a group donation. You also have the option of splitting the donation into monthly or quarterly payments.
How will the endowment funds be invested?
Money raised through the Booked for Life campaign will be placed into the library’s investment fund with the Madison Community Foundation, an organization recognized by the Chronicle of Philanthropy as one of the top 50 community foundations in the United States as ranked by contribution.
Who decides what books or resource material will be purchased with the funds?
As a Booked for Life sponsor, you will have the opportunity to select a subject area and/or format for the items that will be purchased in your name. Specific titles will be happily considered by the librarians, as they use their expertise to determine purchases. Each year you will receive a postcard announcing the specific item the library has purchased in your name.
How do I pay the donation?
Donations can be paid on a monthly, quarterly or annual basis directly to the Madison Community Foundation, noting the Monona Book Endowment Fund as the reason for the contribution. Again, your gift may be given in installments through 2010 and 2011. However, we need your written pledge by March 31, 2010. Credit cards, personal check, and cash are all welcome payment methods. Just fill out the donor card and send it to the library. All donations are tax-deductible.
What if the level contributed is less than $500?
We welcome and gratefully accept any amount that you care to donate to this very worthy cause. Please be assured that all contributions to the Book for Life endowment fund will earn matching funds from the Madison Community Foundation, as long as they are pledged by March 31, 2010.
Who can answer additional questions not addressed above?
Please do not hesitate to contact the Library Director, Demita Gerber, at dgerber@mononalibrary.org or call 608-216-7458.