Contributions
Contributions in any amount may be made to these funds by forwarding a check payable to the following addresswith a notation as to the fund for which it is intended:
The Nutley Free Public Library
Attn: Michelle Salimbene Albert, Director
93 Booth Drive, Nutley, NJ 07110
PERMANENT FUNDS AT THE NUTLEY PUBLIC LIBRARY
The Nutley Free Public Library (the “Library”) has established a simple
procedure by which persons or organizations may endow permanent,
income-producing Library funds. These funds satisfy the dual purpose of
providing additional moneys for the Library to aid in it’s mission of serving the
cultural and informational needs of its patrons, and giving those establishing
the funds the satisfaction of combining charitable intent with a permanent
remembrance of themselves, friends or loved ones.
ESTABLISHING A FUND
A fund may be established merely through the adoption of a mutually-
agreeable Board of Trustees resolution. Two categories of funds are
presently available.
INDIVIDUAL FUND
One or more individuals or an organization (or a combination of both) initiate
such a fund with a lump sum contribution. The current minimum amount
necessary to establish an Individual Fund has been set by the Library’s
trustees at $2,500.
GENERAL FUND
A General Fund has also been established whereby participation can begin
with a gift of at least $500. This approach “sets the stage” for the subsequent
creation of an Organizing Fund by allowing an individual or enterprise to
spread the cost of initiating an Individual Fund over a flexible period of time.
In either case, once the minimum amount is contributed, additional donations
may be made by anyone, at any time, in any amount. (Consider looking into
matching funds from your employer. If available, this frequently unused
benefit may help your fund grow rapidly.) Once a component of the General
Fund grows sufficiently to reach the minimum for an Individual Fund, it will
be separated from the General Fund and Individual Fund will be established
through a separate customized resolution.
LIBRARY FUNDS ARE GENERALLY OPERATED AS FOLLOWS:
- The name of the fund and its purpose are determined by the initiating
contributor(s). For example, books, materials or other uses may be designated.
Wherever feasible (e.g., with books, videos, audio books, music CDs, etc.) a
label will be affixed to each item indicating its purchase with income from the
particular fund. - The funds are placed in no- or low-risk income-producing investments such
as bank certificates of deposit. Not more than 80% of the income may be
utilized by the Library; the rest is retained in the fund for yearly growth and to
help protect against inflation. No invasion of principal is allowed. The funds
provide for an alternate non-profit beneficiary or beneficiaries designated by
the original contributor(s), if the terms of the resolution are not substantially
followed. - Upon request, the original contributor(s) (or related persons) are entitled to
receive an annual accounting including the principal, net income,
expenditures and materials (e.g. books, CDs, etc.) purchased.
BEQUESTS
For those who may be contemplating a bequest to the library, it should be
noted that establishing a fund during your lifetime, will not only provide
immediate satisfaction, but also greatly simplify the process of providing an
additional contribution through a provision in your will.
ENDOWMENTS
Anyone interested in establishing an Individual Fund or joining the General
Fund may call the Library Director at (973) 667-0405 x2638.
