Niobrara County News

Foundation meets endowment goal

Niobrara County Library Foundation Chairman, Leslie Hammond recently announced that as of August 30, 2010 the foundation has reached the second Wyoming Public Library Endowment Challenge program goal of $43,479. “A total of 142,482.87 has been raised and matched by $427,446.61 from the State of Wyoming; these are funds that are specifically for endowment and the Niobrara County Library Foundation is the first to complete this goal in Wyoming,” Hammond explained.

During the 2008 Legislative Session a total of $9,100,000 was appropriated to the
Wyoming Public Library Endowment Challenge Fund effective July 1, 2008; in 2009, Governor Freudenthal requested an additional $3 million for this challenge which was approved by the legislature and became effective July 1, 2010. Once 2.3 million is raised state-wide each library foundation will receive $100,000 for their endowment fund. The Niobrara County Library Foundation will continue to raise incentive funds until the state-wide amount of 2.3 million is reached.

State match amounts are computed based on the amount raised by each county library’s foundation up to $526,087 including the incentive. Counties with less assessed valuation receive more (3:1) in matches than counties with higher assessed valuations (1:1 and 2:1). For Niobrara County the match is $3 for every $1 raised.

One of the stipulations of endowment is that the principal or value of the fund is never spent. Earnings are realized from interest, dividends and market gains (and/or losses). Direct earnings to the organization are a portion of the total annual earnings of the fund. An endowment is not a reserve or “rainy day” account.

For more information about the Niobrara County Library Foundation or Endowment contact Leslie Hammond, Chairman or Debbie Sturman, Library Director.