Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Foundation Funding topic
No spam. Unsubscribe anytime.
Foundation has raised restoration funds and an endowment; board to review agreement later
Summary
Board reported the Carmel Public Library Foundation has raised enough money to fund the restoration and to create an endowment for ongoing maintenance; staff and the foundation are drafting an administration agreement for future board review.
Chair told the board that the Carmel Public Library Foundation has raised funds sufficient not only to cover the restoration project but also to seed an endowment to sustain improvements over time. The board and foundation are working on an agreement that will set how the endowment is administered.
"They've raised enough money to fund the restoration project, but they've also, raised enough funds to create an endowment to maintain and sustain all the improvements," the Chair said. Staff and foundation representatives plan to return with a draft agreement for board review in a future meeting, possibly next month or in September.
