SELCO Library Foundation Mission Statement
To enable donors to fulfill their charitable goal of supporting libraries.
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 donor's intentions to enrich libraries.
Participating Libraries
Chatfield Brass Band and Music
Lending Library
| | Rushford Public Library |
| Chatfield Friends of the Library | | Spring Valley Public Library |
| Chatfield Public Library | | St. Charles Public Library
|
| Harmony Public Library | | Stewartville Friends of the Library |
| Kasson Friends of the Library | | Stewartville Public Library |
| Lake City Friends of the Library | | Van Horn Public Library - Pine Island |
| Plainview Public Library |
| Wabasha Public Library |
| Preston Public Library |
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The Library-Foundation Partnership
How it works:
The process begins when a community has the desire and opportunity to support its 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 money to the SELCO Library Foundation for safekeeping and public accountability.
If charitable gifts are for an endowment fund or will not be needed for a period of time, the SELCO Library Foundation will work with the library to set up a prudent investment program.
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 a savings or investment account for charitable gifts that are being held on behalf of a library.
Keep accurate accounting records of dollars received, earnings accrued and withdrawals. Keep a library's account segregated by type (e.g., 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 fund-raising efforts as a way to reduce their local tax support to that library.
Assist with fund-raising, planning and marketing.
(PDF 150KB)
SELCO Library Foundation Bylaws
(PDF 29KB)
