Mission and Purpose
The mission of the library foundation is to enhance the life of the community by providing the resources essential for appropriate and proactive response to emerging community education needs and issues.
The purpose of the library foundation is to receive and expend tax-deductible gifts for specific short-term projects consistent with the foundation's stated mission, and to establish and administer a library endowment to fund expansion of existing library programs and services as well as new services and programs that address critical community library needs.
Needs assessment and the planning process:
Continuous community library needs assessment is central to the foundation's mission and purpose. The foundation will provide the support for this process to develop, implement, and complete ongoing library planning cycles.
A strong and meaningful presence in all geographic and socio-economic areas of the community will continue to be a challenge as the library serves a growing and complex community from one library facility. Foundation funding can guarantee a strong and meaningful community presence for the library.
Service to diverse populations:
Diversity resulting from ethnic, cultural, and language differences, as well as people with physical challenges is a growing challenge for our community. Foundation funding can guarantee excellent library service to diverse populations.
Cultural opportunities that enhance quality of life:
Great libraries provide great programs. Foundation funding can provide excellent programs that enrich lives.
The High Point Public Library is known for its excellent collections. Foundation funding can guarantee the library continues to provide an outstanding collection of library materials.
Outstanding library facilities:
Located in the heart of the world's furniture and design center, the library has an opportunity to make a crucial statement to visitors from here at home and from around the world about High Point. With nearly a thousand library visitors each day, at current population levels, library facilities must be replaced, refurbished, and renovated continuously. Foundation funding can guarantee the library's facility and furnishings always reflect well on our city.
Your Questions Answered:
I thought the taxes I pay that go to the library were enough!
Nearly 95% of the Library’s annual budget comes from your
taxes. This money provides the essentials, including a trained
staff, appealing collections, engaging programs and a safe and
attractive building. In other words, these funds meet the basic
needs of library users but do not allow us to address new
demands and higher expectations.
I’ve heard that before long everyone will have a computer with
high speed Internet access at home, and libraries may even
Thousands use our computers and our high-speed WIFI access every month. Currently, less than half of High Point households have a computer, and even fewer have high-speed Internet. The public library bridges the digital divide for those who need access to the web but don’t have a computer of their own. The Foundation will be key in helping us continue our mission through both new technology and traditional methods.
There isn’t really a need for the library to expand its role in the
A strong, vibrant and vital public library with outstanding
collections, cutting edge technology and creative programs
for people of all ages makes High Point a much better place
for us to live, work and raise a family. The Foundation will
play an essential role in enabling the library to achieve its
own mission and further that of the City’s.
WITH REGARD TO THE DEVELOPMENT AND RECEIPT OF FINANCIAL GIFTS, IT IS THE POLICY OF HIGH POINT PUBLIC LIBRARY FOUNDATION, INC. TO:
Serve the interests of donors to make financial gifts:
- Maintain the donor’s goal as the primary concern and the cornerstone of the plan and execution of the gift, subject to applicable conditions.
- Encourage donors to seek independent professional counsel and representation in making the gift and insist that donors acquire such counsel and representation should a donor have general or specific questions.
- Cooperate with donors and their professional counsel in the exploration of opportunities, costs and alternatives surrounding financial giving decisions to assure the goals of the donor relations policy are achieved.
- Maintain donor confidentiality throughout the entire giving process. Pertinent information will be shared to the extent that is necessary with professional counsel, High Point Public Library Foundation, Inc. staff and High Point Public Library Foundation, Inc. officers. Information which is not of public record will not be made public without the express written permission of the donor.
The Development Committee shall develop policies and procedures relating to the organization’s financial giving program, subject at all times to the approval and overview of the Board of Directors of High Point Public Library Foundation, Inc.
- Only the Chair of the Board of High Point Public Library Foundation, Inc. or his/her designee shall be the organizational officer authorized to assist the negotiations of gifting agreements with donors. The Chair of such designee shall cooperate in such negotiations with such volunteers authorized by the Development Committee provided such volunteers are members of the Board of Directors or members of the Development Committee.
- All gifts and gift solicitations will be reported to the Executive Committee.
Conditions for the Acceptance of Gifts
High Point Public Library Foundation, Inc. reserves the right to decline any gift which does not further the mission or goals of High Point Public Library Foundation, Inc. or which would result in the incurrence of excessive expense or administrative effort.
Federal tax law does not permit donors to dictate or restrict investment decisions with regard to irrevocable gifts.
Establishment and governance of all gift plans shall be in accordance with and subject to the laws of the United States and the laws of the State of North Carolina, together with applicable regulations and rulings promulgated or pronounced by the Internal Revenue Service and the policies of the Board of Trustees of the High Point Public Library.
Banks or other corporate fiduciaries are preferred as trustees of charitable trusts naming High Point Public Library Foundation, Inc. as the sole or primary charitable remainderman. However, individual trustees are acceptable if insisted upon by a donor.
The Executive Committee must approve all gifts before the gifts are executed.
The Chair of High Point Public Library Foundation, Inc. or his/her designee shall have the sole authority to sign all giving agreements on behalf of High Point Public Library Foundation, Inc.
The Executive Secretary of High Point Public Library Foundation, Inc. shall maintain a master list of all giving agreements and all written expressions of intent to make testamentary gifts to High Point Public Library Foundation, Inc.
The High Point Public Library Foundation, Inc. reserves the right to secure a current appraisal of any marketable gift property.
High Point Public Library Foundation, Inc. as a volunteer charitable organization, is governed by a volunteer Board of Directors and directed by a volunteer committee structure. The following committees have direct responsibility for the organization’s financial giving process and report to the Board of Directors of High Point Public Library Foundation, Inc.
The Executive Committee:
- Comprised of volunteer leadership of High Point Public Library Foundation, Inc. in accordance with its bylaws.
- The Executive Committee has final determination of acceptability of gifts unless the Chair or his or her designee determines that one or more conditions of this policy may not be satisfied by the potential gift in which case the acceptability of the gift shall be subject to the approval of the Board of Directors.
The Development Committee:
- Promotes and solicits financial gifts.
- Develops policies relating to the promotion and solicitation of these gifts, subject to approval of the Board of Directors.
The Finance Committee:
- Supervises and develops all policies relating to the financial operations of High Point Public Library Foundation, Inc. including the investment of the endowment and gifts subject to approval of the Board of Directors.
The Trustee of any charitable trust naming High Point Public Library Foundation, Inc. as a beneficiary will have total discretion for the investment of such trust.
With respect to outright gifts, High Point Public Library Foundation, Inc. through its Finance Committee shall have total discretion for the investment of such funds. There shall be established:
- a general fund—which consists of all unrestricted endowment contributions, and
- a designated fund—which consists of endowment donations restricted
to one or more agencies, programs, or special initiatives of High Point
Public Library Foundation, Inc.
The income from the general fund is intended to be used to fund administration costs of High Point Public Library Foundation, Inc., but if such income is insufficient to cover such costs, endowment income generated from the investment of the designated fund may be used to underwrite such administrative costs unless restricted by terms of the gift.
High Point Public Library Foundation, Inc. shall accept testamentary gifts either made outright or through trusts. Any gifts made to High Point Public Library Foundation, Inc. through a trust mechanism shall follow the policies set forth herein.
All outright testamentary gifts to High Point Public Library Foundation, Inc. shall be invested as part of its endowment fund (either general or designated) in accordance with the investment policies set forth herein and used to further the terms and provisions of such gift.
Any individual intending to make a testamentary gift to High Point Public Library Foundation, Inc. may be asked to execute a non-binding Intent to make Testamentary Gift for the records of High Point Public Library Foundation, Inc.
Establishment of a charitable trust
The remainderman of the trust, namely High Point Public Library Foundation, Inc., cannot be changed during the term of the trust.
The High Point Public Library Foundation, Inc. shall not act as trustee of any charitable trust.
Gifts of real estate are subject to the same general policies governing the acceptance of other gifts.
- All gifts of real estate shall be subject to appraisal by an independent and professional agent. In addition, High Point Public Library Foundation, Inc. shall require a satisfactory environmental appraisal of any potential real estate gift.
- The appraisal must, whenever possible, show documented valuation of comparable properties located in the same region. It must also be the result of personal visitation and internal inspection of the property by the appraiser.
- A formal appraisal should contain photographs of the property, tax map number, assessed value, current asking price, legal description of the property including historical and environmental characteristics and restrictions, zoning district and complete information regarding all mortgages, liens, litigation or title disputes.
- High Point Public Library Foundation, Inc. reserves the right to personally inspect any potential gift of real estate.
Costs and Fees
- Since costs and fees associated with gifts of real estate are tax deductible to the donor, High Point Public Library Foundation, Inc. will encourage donors to bear these as part of their gift.
- High Point Public Library Foundation, Inc. recognizes the right of fair and just remuneration for professional services. Real estate brokers are entitled to a commission for any property gifts which they help to negotiate.
- All professional commissions will be part of the gift negotiation
process. High Point Public Library Foundation, Inc. will consider
payment of brokerage commission if the gift merits such a commitment of
High Point Public Library Foundation, Inc. resources. Otherwise, donors
will be expected to incur these costs in addition to other costs and
Retained Life Estate Policy
- A letter of agreement will be required for the enactment of a retained life estate agreement. Unless otherwise stated, it will be assumed that the donor will be responsible for payment of taxes, capital repairs, maintenance, insurance and other fees related to the property which is donated.
- Bargain sales of real estate (i.e., sales at less than fair market value) are subject to the same policies governing all other financial gifts and gifts of real estate.
Additional Gift Options
High Point Public Library Foundation, Inc. seeks to satisfy the charitable giving needs of all its donors and is willing to explore any alternative gift options which will satisfy those needs. Alternative gifts which require administrative and financial obligations on the part of the High Point Public Library Foundation, Inc. must be approved by the Executive Committee.
September 29, 2005
How can I contribute?
The Library Foundation is designed to collect donations that will create income and support the Library for years to come. By making a tax-deductible gift you can add your name to the growing list of donors who support the programs of the High Point Public Library. For your convenience the Foundation can accommodate the type of giving plan that works best for you, including:
• One-time donations
• Multi-year pledges
• Estate gifts that work with your current financial plans
• Gifts of appreciated stock for tax benefits
• Charitable remainder trusts or charitable gift
annuities that can increase your current income.