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Community Relations : Community Partners
Page last modified date: 11/28/2012
Library foundations can be a valuable funding tool to encourage gifts, bequests, memorials and other monetary donations. The foundation board and staff, if any, also represent another partnership for the Board. As with the Friends organization, a local library foundation can be of immense help but open communication is key. The Board and the foundation need to work in concert for the good of the library.
A library foundation functions as a separate entity and can attain nonprofit tax exempt status (known as 501c3) from the Internal Revenue Service, so that gifts may be tax deductible for the donors. Establishing a library foundation also opens up the potential of funds from other foundations that do not give grants to tax-supported agencies.
See Funding the Library, for information on other funding sources, including grant resources, that might be of interest to a library foundation.