When Amy Morgeson, Director of the Marion County Public Library, received
an exciting, yet unexpected phone call about an estate gift for the library, she
wasn’t sure where to turn.
A quick conversation with colleague Rene Hutcheson at the Hardin County Public Library
had her on the right path to Central Kentucky Community Foundation.
One of 14 beneficiaries of Emily Hundley’s generosity through her estate, the Marion County
Public Library now has an endowment fund to help supplement its work forever.
An endowment fund is a common way for people to make estate gifts since it preserves the initial gift and uses the earnings to support the charitable purpose. The fund never goes away. This is an attractive way for a gift to last forever and is a meaningful demonstration of the donor’s life, interests, and generosity.
“When we think about a gift that represents a person’s lifetime, that is significant and more than
a one-time gift to be quickly spent,” said Davette B. Swiney, President/CEO of CKCF. “An endowment will continue to support the purpose or organization, the Marion County Public Library, forever.”
“We are in the community education, resource and book business,” said Morgeson. “Although our library board is tasked with financial oversight of tax dollars, we weren’t sure how to best handle this unexpected gift. After talking with Central Kentucky Community Foundation, we knew they were a partner who could help us navigate our first endowment.”
By the time the estate was settled and distribution made to the library, Jamie Collins had taken over at the helm of the library.
“Professional fund management and service from Central Kentucky Community Foundation takes that burden off us,” Collins said. “I was relieved to have this partnership in place so we can focus on what we know – libraries and depend on CKCF for our endowment fund service.”
The Marion County Public Library Endowment Fund gives the library a way to do some “extra” things
above the taxpayer support it receives. Although the library is tax-supported, there are always funding limitations and tough decisions to be made on the allocation of resources. This fund is broad in focus, giving the library flexibility in its spending to best meet current needs.
“It’s nice to know we have that recurring money available,” said Collins. “We expect to replace the bookmobile in the next few years, and this could be a way to do that without cutting into other areas of library service.”
“I hope Ms. Hundley’s gift will be an example to people who value our library,” she said. “Other people can give to this fund or create a specific fund for areas of the library such as new books, children’s services or genealogy.”