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FAQ
Frequently Asked Questions about the SELCO Library Foundation
Why did SELCO (Southeastern Libraries Cooperating) create a Foundation?
Several libraries requested SELCO do so feeling that a SELCO Library Foundation would be beneficial to their fundraising programs and with services including:
- 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?
Studied and recommended by SELCO Finance Committee 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 libraries participating in the Foundation and the SELCO Board, with SELCO staff participating ex officio members.
What is needed to participate?
- $1,000 minimum with signed letter of agreement and copy of local board resolution defining purpose of the funds; may also be undesignated.
- SELCO investments will be conservative
- Foundation reserves the right to say no
- SELCO does not charge administrative fees to participants but does reserve the right to revisit this decision in the future
- Facilitate Library Foundation Board meetings
- Design and produce collateral materials
- Receive and disperse funds and provide financial statements to Board and participating libraries
- Maintain document files
Is outside fundraising or marketing support available?
The SELCO Library Foundation has a standing arrangement with a public relations, marketing specialist with years of experience in Minnesota Libraries. Foundation participants should contact:
Mark Reidell, Marketing and Fund Raising Consultant
915 Stryker Ave.
West St. Paul, MN 55118
