What is an Endowment Fund and why does the Library need one?
The Abington Community Library Endowment Fund principal is held in perpetuity, and the income that comes from investments is used for the Library’s needs each year. This additional revenue is used for items that are not covered by state or county funds but are important to help keep the Library vibrant and award-winning.
The best part of a gift to the endowment is that it lasts beyond your lifetime and keeps giving back to the Library and community that you love. With limited financial resources today and potentially fewer resources in the future, an endowment provides assurances that the Abington Community Library will be here to serve future generations.
From its humble beginnings in a storefront that had once been the Abington Fabric Store, the Abington Community Library opened its doors on June 18, 1960 with 2,000 donated books . Since then the Library has been invested in and valued by the community, demonstrated by construction of the current building, which opened March 2, 1992 without a mortgage and the addition of a Children’s Room, which opened in 2002 and increased the total size to about 14,500 square feet.
In the last several years our Library has far surpassed circulation and program participation. More than 85,000 individual items are cataloged with 250,000 items circulating annually. In 2014:
* over 7,000 people attended programs and classes for children;
* over 1,600 attended programs and classes for young adults;
* and over 3,000 adults attended programs and classes, including groups that meet here who do work that benefits the community, substance-abuse support and bereavement support groups, and various gaming and craft groups.
Success notwithstanding, budget increases from the state have been scarce, with few additional dollars for technology, book and media collections, and special programs or services. To be certain that the Library can remain relevant for generations to come, a very special fund, an Endowment Fund, was created in the 1980s.
Please Consider a Donation to the Endowment Fund
There are many ways to give to the Abington Community Library Endowment Fund. Consider including the Library in your will or trust as part of your estate plan. Some individuals have named the Library as a beneficiary of a life insurance policy or qualified retirement plan. Donations of stock, bonds, or other property are also welcome, and often there are significant tax advantages associated with these gifts.
To be honored in your hometown beyond your lifetime can be a great source of pride and a tribute to your name or your family’s name. While gifts of any amount are appreciated, for an endowment gift of $5,000.00 or more, your name or the name of a family member will become permanently displayed at the Library. If you are interested in making a donation to the Abington Community Library or have questions, please contact the Library Director at 570.587.3440.
The Abington Community Library has a 501(c)(3) status and gifts are fully tax-deductible. The Library only provides general information; in all cases the advice and counsel of one’s lawyer or accountant should be sought.