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Belgrade Community Library Foundation transfers $43,000 into endowment; Give Big fundraiser set for April 30
Summary
The Foundation reported a $43,000 transfer into a DA Davidson endowment (balance $347,416.49) and outlined upcoming fundraisers including a family-focused Give Big Gallatin Valley campaign kicking off April 30; operating expenses and payments to the library were also summarized.
Mark Browning, representing the Belgrade Community Library Foundation, told the Advisory Board on March 24 that the Foundation has transferred $43,000 into its DA Davidson endowment, bringing that fund to $347,416.49. Browning said the foundation plans to let the endowment grow toward a $1 million target.
Browning reported foundation operating expenses of $2,376 so far this year (budgeted $2,596), and that the foundation has paid $78,892.35 to the library and city to date, which includes final capital campaign funds. Grant-writing fees are budgeted at $1,500 with $300 spent so far. The foundation is updating its website and taking the lead on this year’s Give Big Gallatin Valley fundraiser, which will include family-friendly activities and a kickoff on April 30; other upcoming fundraisers include a Mother's Day brunch at the Mint.
Board members and staff discussed sponsor relationships (Stockman Bank sponsors library ads in the Belgrade News) and noted that some grant applications may need to flow through the Foundation to meet 501(c)(3) requirements. The Foundation will present on summer learning programs at a future meeting.
The Foundation’s next steps include finalizing Give Big programming and continuing to build the endowment toward its stated goal.
