The purpose of a library foundation is to receive money, particularly large sums, charitable trusts, and bequests. The money is invested, and the proceeds go to the library each year. A foundation usually does not have a large membership, but everyone on the board should be committed to fundraising to the point of making regular contributions themselves. The Friends of the Library earn money and spend it as the need arises. The foundation receives donations and invests them to provide a stable future for the library.
Friends do visable and timely things with their money.
The foundation normally turns the proceeds of investments over to the library, for library purposes. Last revised March 8, 2000.