What is an endowment fund?
An endowment fund is a way for organizations – like the Troy Public Library – to set aside special funds for the future! Once established, an organization’s endowment will provide a certain amount of funds each year that the organization can use to meet its needs and enhance its programs.
Why are we doing this?
From Library Director Cathy Russ: “I wanted to create an endowment fund for Troy Public Library, because I want TPL to be around for many years to come. An endowment fund contributes to the Library’s present, and especially its future, because the money donated will benefit future generations of Library users. Troy Library has a special place in the heart of this community, and the time is right to launch this initiative.”
How will this work?
This money will be housed at the Troy Community Foundation. Once the endowment is established, Troy Public Library can use this money to provide prestige programming, implement facility enhancements, and create opportunities for future generations.