By Greg Forester, Staff Writer
Princeton Public Library officials hope to have amassed a $10 million endowment by the time the library holds a centennial celebration at the end of 2010, marking 100 years of service to the Princeton community.
Such a goal means the library and its supporting foundation will have to raise roughly $4.6 million in the 16 months between now and October of 2010, according to Library Director Leslie Burger, who said the endowment is currently valued at somewhere around $5.6 million.
”So we’re roughly halfway there,” Ms. Burger said.
Tasked with getting the endowment over the $10 million mark by the 2010 deadline is the Princeton Public Library Foundation, the nonprofit corporation responsible for raising much of the money used to support the downtown Princeton library.
The foundation already has an impressive array of support pledges that should help it get to the $10 million mark.
The library foundation received a $500,000 challenge grant from the National Endowment for the Humanities, which will provide the money once the library raises $1.5 million on its own. Another challenge grant, from an anonymous donor, will generate $1 million toward the centennial goal once the library raises a matching amount.
”That grant is dollar-for-dollar,” Ms. Burger said.
The centennial goal is an extension of the library foundation campaign that raised approximately $10.3 million in support of the existing 58,000-square-foot library’s construction, which opened in 2004 at a price of around $18 million.
The goal of the centennial effort is to ensure the library and the variety of programs that go on there have the support they need in the coming years, according to Ms. Burger.
”We needed to ensure there was financial stability for the library, long-term,” she said.
The library’s existing endowment funds are under management by the Investment Fund for Foundations and the Glenmede Trust Co.
The Investment Fund for Foundations, formed in 1991, is a network of three regulated entities that provide foundations like that of the Princeton Public Library access to a variety of investment vehicles.
The goal of the organization is to “improve the investment returns of endowed charities.”
The Glenmede Trust Co. is an independent wealth management firm, based in Philadelphia, that provides investment advice to individuals, businesses and organizations like the Princeton Public Library Foundation.
Ms. Burger said the library is hopeful the $10 million goal can be reached, despite continued worldwide economic woes.
”We’re going to be doing our best,” said Ms. Burger. “We’re relying on the generosity of the community to help us make a long-lasting gift to the library.”
Individuals interested in contributing to the library can make their contributions on the library’s Web site at http://www.princeton.lib.nj.us, where they can also download a donation form.
Donations can be made in the name of loved ones, friends, organizations or events. For more information contact Development Office Director Lindsey Forden at (609) 924-8822 ext. 251.
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