Frequently Asked Questions
Why is the Foundation necessary when they Library is funded with taxpayer money?
Public funding is not sufficient to allow the Library to keep pace with our community needs and demands.
Why can’t we just give money directly to the library?
You can do that. However, the Foundation provides the most protected vehicle for making donations to the library. It’s tax exempt status allows the maximum amount of individual tax deduction. Many businesses and private foundations will not give to public entities without this qualifying status. Also, donations made directly to the public library go into the City’s coffers and are restricted in terms of investments, etc. Many businesses and individuals do not want to make private donations to the City. This is why library foundations have become increasingly recognized as the best way to channel funds for the benefit of public libraries.
How will the Foundation raise funds?
We will do this in a variety of ways. We will solicit donations and bequests from individuals, area businesses and corporations, and large foundations that award grants to libraries. We may undertake annual fundraising campaigns and hold events throughout the year to raise funds for the West Palm Beach Public Library. We plan to engage in consistent and active fundraising activities so we can make a real difference in the success of our Library.
Will the Foundation supplant public support of the library?
No. The Foundation does not support the operating expenses of the West Palm Beach Public Library. The foundation’s mission is to enhance and supplement basic library services that are funded by the City. The Foundation will support furnishings and technology, the acquisition and maintenance of books and other media collections, programming and accruing an endowment for future program enhancements that otherwise would not be possible without this private support.
What is the relationship of this Library to the Palm Beach County Library System?
While reciprocal privileges exist, the West Palm Beach Public Library is independent of the Palm Beach County library system. Funding for operational expenses is supported by West Palm Beach residents’ tax dollars.
What can one donate to the Library Foundation?
Gifts accepted by the West Palm Beach Library Foundation include cash/checks, stocks/appreciated securities, real estate, estate gifts such as bequests from wills/trusts, retirement plans and life insurance, as well as other gifts in kind. Gifts of financial support may also be made in honor of someone or anonymously as requested by the donor.
What efforts does the Library Foundation take to ensure fiscal responsibility?
The operations of the West Palm Beach Library Foundation, Inc. are governed by a Board of Directors including representatives from the legal, accounting, insurance and banking industries. Additionally, the Foundation will engage the services of an independent CPA to prepare an annual financial statement.
What is the cost of the new Library and how was it financed?
The new West Palm Beach Public Library was built at a cost of approximately $30 million. The City of West Palm Beach has funded this cost by issuing Community Redevelopment Agency (“CRA”) bonds. The CRA is financed through both city and county tax dollars; however, those tax dollars, regardless of their origin, must be reinvested in the CRA area.
After the initial capital campaign is completed, what will happen to the Foundation?
The Foundation will continue to function in perpetuity as an ongoing support organization for the Library with annual fund-raising goals aimed at building the endowment. The Foundation Board will work closely with Library administration and its advisory board to determine programming and other needs on an ongoing basis.