Foundation reports strong fundraising at gala but warns market volatility could affect future support

The Carmel Public Library Foundation told trustees its 30th annual fundraiser drew roughly 500 attendees and exceeded the event goal of $175,000; the foundation said it has secured a $5 million matching pledge and is working to raise an additional $2.5 million by June 30 for the Harrison Memorial Library capital campaign.

At a foundation report to trustees, the foundation’s representative said the gala was a strong opportunity to update potential donors on the capital campaign and that final fundraising figures would be reported the following month. The foundation also said it is finalizing next year’s budget and will present board candidates for approval in May.

Foundation staff and trustees discussed the timing of budget decisions and the need for a special trustee budget meeting in early May so the foundation could have an initial budget to work from. Trustees and foundation staff agreed to coordinate a special trustee meeting and to provide the foundation with a clear “first-pass” budget by the May session.

Foundation leaders cautioned that recent market instability and reductions in public funding are straining donor portfolios and grant prospects. “Our portfolio has been affected; the stock market has been very unstable and volatile,” the foundation representative said, adding the foundation will be “as helpful” as possible but that the financial environment makes meeting some campaign targets more difficult.

Trustees and foundation staff discussed contingency steps, including a potential midyear budget adjustment, and agreed to keep communication frequent so the foundation can plan disbursements and donor asks while the library finalizes its budget choices.