| Benefits and Steps Involved |
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| What is a Library Foundation? |
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- Non profit corporation registered with the OR Secretary of State
- 501(c)(3) tax exempt organization granted by the Internal Revenue Service
- A completely separate and private entity from the library governing board
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| Why Form a Library Foundation? |
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- Generally, a building campaign energizes volunteers to start a library foundation.
- Tremendous opportunity to gain visibility for the library in your community
- Provides significant resources to supplement library budget
- GIFTS for the library FROM WILLS and ESTATES!
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| What is the Role of Friends? |
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- Membership organization
- Advocacy/lobbying
- Book sales and fairs
- Key Friends recruited to lead a foundation
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| IRS Requirements |
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- Package 1023 and 8718, available from any IRS office
- Application for recognition of Exemption -- under section 501(c)(3) of the Internal Revenue Code
- Tax exempt status (needed for deductibility of gifts)
- EIN -- Employer Identification Number also given
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| Corporation Division |
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- OR Secretary of State, corporation division
- Register as a non profit corporation
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| By-Laws |
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- Required by Secretary of State´s office
- Use samples from other Oregon library foundations
- May be amended, as needed by a vote from the Foundation members
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| Board Member Job Description |
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- Multnomah County Library Foundation is a good example
- Expectation for annual significant gift from board members
- Term of service
- Committee assignments listed
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| Board Development |
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- Grow our membership outside library community
- Staff and elected officials can support library in other ways
- Strategic planning for representation
- Long Term commitments -- emeritus for founding members
- Who are the movers and shakers?
- Connections to the community: non library!
MEDIA
Educational organizations
Major employers, small business owners,
Philanthropists
Civic groups
Financial professionals: brokers, legal, insurance
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| Policies and Proceedures |
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- Investment policies
- Endowment fund
- Gift acceptance policies
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