This is a real page turner and the beginning of a story with a happy ending. The Friends of the Culpeper County Library recently established an organization endowment fund through the Northern Piedmont Community Foundation.
This relationship will help them in many ways. Primarily it will allow the Culpeper nonprofit to pool its resources with those of the Community Foundation. By building a more diversified portfolio, the organization has greater potential for reducing its overall investment risk and increasing its gains. In plain terms, its assets can grow larger—and more quickly—than they would if they hadn’t set up such a fund.
It’s important to note that the Friends of the Culpeper County Library—which funds many of the library’s fabulous “extras”—is still in charge of its money. It can continue to reserve funds for purposes that it chooses while having the peace of mind knowing that the Community Foundation handles investment management and oversight. And potential donors can also rest easily, knowing that their donations, especially bequests, are in qualified hands.
“The Culpeper County Library is absolutely thrilled that the Friends are able to begin to plan for long-term support of the library and its programs,” said Culpeper County Library executive director Susan Keller.
“The County of Culpeper does so much for us as a county agency, but the Friends allow us to go above and beyond by gathering funds through bookstore sales, donations, canvas bags, and plant sales. In turn, the Friends release these funds to help support such extras as the children’s and teens summer reading programs, musical events, adult programs, TVs for each of the study rooms, a new bookstore, the installation of an iPad station for public use, and most recently the addition of the new audiovisual system for the meeting room.”
Donations can be made by sending checks made out to Northern Piedmont Community Foundation to P.O. Box 5, Culpeper, VA 27701. Please note Friends of the Culpeper County Library Endowment Fund in the memo area.
Established in 2000, the Northern Piedmont Community Foundation is a 501(c)3 nonprofit that builds philanthropic capital to enhance and preserve the quality of life in Culpeper, Fauquier, Madison, and Rappahannock Counties and to strengthen the region’s nonprofit organizations.