Foundation secures 2.5% annual increase for five years; earmarks gift to support SNAP outreach
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Summary
The library’s development report said the foundation secured a 2.5% annual funding increase for five years and will manage a gift for the SNAP program by holding it in a money-market account to grow during the term.
Library development staff reported that the library’s foundation has arranged a 2.5% annual funding increase for the next five years and that the foundation will accept and manage a gift to support the library’s SNAP-related programming.
Why it matters: Multi-year increases provide predictable funding for programs; earmarked gifts to SNAP outreach may expand community food assistance support coordinated through library services.
A development staff member told trustees “we're set in motion with annual increase for the next 5 years,” and explained the foundation will accept a gift intended to pay for the SNAP program. The gift will be managed in a money-market account during the gift term so it can grow modestly while remaining available for program use; further details will be provided in an upcoming packet.
The memorandum of understanding between the foundation’s board and the library trustees was included in the packet; trustees were told the MOU will be presented for approval and signature at a future point.
Ending: Staff will provide a fuller explanation of gift management and the SNAP program funding in the next board packet.