About the Foundation

Mission Statement

To enable donors to fulfill their charitable goal of supporting libraries.

 

SELCO Library Foundation Bylaws, Forms and Policies

The Library-Foundation Partnership

The SELCO Library Foundation was established in 2004 by the SELCO/SELS Board of Directors to provide a repository and stewardship for contributions made to libraries in Southeastern Minnesota. As a 501(c)(3) organization, the Foundation’s purpose is to accept, invest, and apply charitable gifts in accordance with donors’ intentions to enrich libraries.

  • The process begins with the desire or the opportunity to support the library’s annual campaign, a capital improvement project, or an endowment program.
  • As the library receives contributions from donors, the library board or the library’s Friends group transfers funds to the SELCO Library Foundation for safekeeping and public accountability.
  • When a library is ready to expend donated funds, the SELCO Library Foundation will provide oversight to ensure funds are used as donors intended.

Services Provided by the Foundation

  • Establish short and long term investment accounts for charitable gifts being held on behalf of a library or Friends group.
  • Keep accurate accounting records of dollars received, earnings accrued and withdrawals. Keep a library’s account segregated by type (such as unrestricted, designated, endowment).
  • Provide library with regular reports on account status and fund balances.
  • Strive to ensure that government agencies which support libraries do not use a library’s successful fundraising efforts as a way to reduce their local tax support to that library.
  • Assist with fundraising, planning and marketing.
  • Host informative training events on fund raising.
  • For those participating in the SELCO Foundation, a Deposit/Withdrawal Authorization Form.

The Foundation Board of Directors

The governing Board of the Foundation consists of 1-2 representatives from each library or Friends group which places funds with the Foundation.  As the organization providing administrative support and underwriting the operational costs of the Foundation, SELCO holds three seats on the Foundation’s Board of Directors.