Welcome to Hazen Library
Announcing the Hazen Memorial Library Endowment Fund
You did it!!! The Trustees of the Hazen Memorial Library are excited to announce that thanks to the generosity of our patrons and local business supporters, we have reached the goal of receiving $10,000 in donations before June 30, 2016 and have been awarded the $5,000 match grant from the Community Foundation of North Central Massachusetts.
As of June 28, 2016 the balance in our Endowment Fund is at $16,672.07. That is the total of donations ($11,300), the $5,000 match grant and market appreciation of $372.07. Based on a distribution rate of 4.5%, the Library will receive $738/year that can be applied to additional programs for our patrons. Distributions from the Endowment will begin in the summer of 2017.
The Library Trustees consider achieving the $5,000 match grant to be phase one of our Endowment Fund campaign. That can be thought of as a sprint to reach the $10,000 in donations. We are now in phase two, which can be thought of as a marathon with no end in sight! Just imagine if we could get the balance in our Fund up to $50,000. At a distribution rate of 4.5%, that would provide $2,250/year to be used for programs. How about $100,000?? That would provide $4,500 in additional money for programs. If you think those figures are unreasonable, you should know that the Townsend Library now has an endowment fund of around $900,000.
To reach those higher figures, we need continuing support from patrons and businesses. One easy way is to make ongoing donations through the on-line process. A donation of $16.67/month for five years comes to a total donation of $1,000. If 25 people made that commitment, we would add $25,000 to our existing $16,000 and have at least $40,000 in five years. That makes achieving a balance of $50,000 or even $100,000 look not so unreasonable doesn’t it?
The Trustees are looking into other fund raising opportunities to grow our Endowment. If you have any suggestions for fund raising activities you think would get good support from our patrons, please write up your idea and drop it off at the Library desk.
Here's how you make an on line donation;