The Killingworth Library Association, Inc. is a private, non-profit corporation that has been serving our community since 1960. The Library has grown tremendously with the constant support of the Killingworth community. Most, but not all, of the Library’s annual support comes from the Town of Killingworth, which contributes about two-thirds of the Library’s annual operating budget. The remaining one-third has been the responsibility of the Library Board. With the help of numerous volunteers and donors, significant funds are raised through the Annual Fund drive, book sales, and other fundraising events, but these efforts alone are not enough to complete the funding for each year’s budget needs.
Endowment History
In 1993, the Killingworth Library Association, Inc. solicited community contributions and established an Endowment Fund in order to secure a stream of ongoing revenue that would ensure the long-term viability of the Library and the growing needs of the Killingworth community. The purpose of the Endowment Fund is to generate income in perpetuity which is tapped annually to support the Library’s operating expenses. All monies contributed to the Endowment Fund are kept in the fund, with only the annual investment income (i.e., interest and dividends) being used towards the Library’s operating expenses. By making a contribution to the Endowment Fund, you give a gift to the community over and over again. In addition, donations to the Killingworth Library Endowment Fund are fully tax-deductible.
The Endowment Fund is administered by the Finance Committee of the Killingworth Library Association, in accordance with the organization’s bylaws. The investments of the Endowment Fund are managed by a professional investment firm and reviewed by the Finance Committee on a regular basis.
Over the past thirty-plus years since the Endowment was created, Library attendance and circulation have both increased dramatically. The Library has added technology to keep up with the needs of the community, and programming for children, teens, and adults has been greatly enhanced. The Library serves as our town’s community center. Growth of our Endowment is an important component of the Library’s financial health in order to continue to meet these growing needs and be a vital and vibrant resource accessible to all residents of Killingworth.
Ways to Contribute
There are a number of options available for making a contribution to the Killingworth Library Endowment Fund. If you would like to speak with someone from the Library concerning the options listed, please contact Jan O’Sullivan, Library Board Treasurer, treasurer@killingworthlibrary.org.
Cash: Cash gifts are the simplest and most direct means of support, and cash gifts to the Endowment Fund qualify for an income tax deduction. Checks should be made payable to the Killingworth Library Association-Endowment.
Securities: Stocks, Bonds, Mutual Funds: Donating appreciated securities to the Endowment Fund may result in significant tax savings. Please contact the Library Treasurer for transfer instructions prior to selling securities.
A Qualified Charitable Distribution (QCD) from your Individual Retirement Account and other forms of Planned Giving: More information on QCDs and Planned Giving can be found here.
