Frequently Asked Questions about the SELCO Library Foundation
Why did SELCO (Southeastern Libraries Cooperating) create a Foundation?
Several libraries requested SELCO create a new service to aid local fundraising, as well as:
- Accept and hold charitable gifts donated to a library
- Invest those funds until needed
- Return funds to the library when requested
- Provide stewardship and accountability
How long has it been in existence?
The idea was researched by the SELCO Finance Committee in 2003 and approved by the SELCO/SELS Board of Directors on January 27, 2004.
Why should SELCO undertake this?
- SELCO is a known entity and our name is associated with library service
- SELCO’s role as a library system is to support libraries
- SELCO Library Foundation has been approved by the IRS as a 501(c)3
- SELCO provides administrative support as part of its budget and the Library Foundation audit is conducted with the SELCO and SELS annual audits
- Libraries can avoid co-mingling private donations with city/county governmental operational budget dollars
Who governs the Foundation?
SELCO Library Foundation Board has representatives appointed by the participating library or library Friends organization, as well as representatives from the SELCO/SELS Board of Directors. SELCO staff provide administrative support and attend Foundation Board meeting in an ex-officio capacity.
What is needed to participate?
- $1,000 minimum contribution with signed letter of agreement and copy of local board resolution assigning funds to the Foundation
- Understanding that SELCO investments will be conservative
- Knowledge that the Foundation reserves the right to say “no”
- SELCO does not charge administrative fees to participants but reserves the right to revisit this decision in the future
What is the role of SELCO staff?
- Facilitate Library Foundation Board meetings
- Receive and disburse funds and provide financial statements to Board and participating libraries
- Maintain document files
- Design and produce collateral materials
Is outside fundraising or marketing support available?
The SELCO Communication Specialist will assist with public relations, marketing, and promotional activities.