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Belgrade library foundation outlines remaining capital pledges, endowment target and grand-opening plans
Summary
The Belgrade Library Foundation reported remaining capital campaign pledges, described an endowment goal of $1,000,000 before distributions, and outlined the library’s April grand opening and upcoming programs; the foundation said it will cover some unbudgeted startup items and program expenses.
Foundation and library representatives updated the Belgrade Community Library Advisory Board on fundraising, remaining pledges and programming as the new library building prepares to open.
Mark (foundation representative) presented a three-page summary of the foundation’s operating budget, current balances and the history of the capital campaign. He said the foundation’s operating costs were modest ($2,730 listed for operating expenses in the materials he distributed) and that the foundation is transitioning from capital-phase spending to program grants and building an endowment. The board-approved goal for the endowment is $1,000,000 before annual distributions begin; the foundation estimated that once mature it could support roughly $30,000–$40,000 a year in programming at a 3–4%…
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