How it started?
In September 2016 the Troy Community Foundation Board of Directors unanimously agreed to launch the group's first endowment: the Troy Library Endowment.
It started with a kickoff event and a hope to raise $20,000 by January 2017. Little did the Foundation anticipate the overwhelming community support for creating a long-term endowment for our Troy Library. Within 7 weeks the Troy Library Endowment had raised more than $50,000.
Today, the Troy Library Endowment continues to support Library prestige programing and serves as an opportunity for residents, businesses, and associations to make a "perpetual gift" to the Library.
All donors of $100 or more are recognized on the Library Endowment Donor Wall located in the Troy Public Library.
Troy Library Director
“I'm excited to work with the Troy Community Foundation to build the Library Endowment Fund. 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 does it work?
Like all endowments the Troy Library Endowment's principal is held in perpetuity and annually a small portion is used to provide prestige programming, implement facility enhancements, and create opportunities for future generations. The endowments dual goals are to: grow the principal and general income. We call donations to endowments "perpetual gifts" since the funds are used to support the library for years to come.