FRIENDS OF THE HERSHEY PUBLIC LIBRARY

HERSHEY LIBRARY ENDOWMENT TRUST

The Endowment Trust

The Endowment is a fund that was created in 1985.

Friends of the Hershey Public Library acted as settlor to the Agreement of Trust, establishing the Endowment. They continue in their role by annually appointing the Endowment Trustees and overseeing the actions of the board.

Donating to the Endowment Trust

The Endowment can accept or arrange gifts such as:

Cash
Appreciated securities, bonds, or closely held stock
Wills/Bequests
Life Insurance
Charitable Gift Annuities
Charitable Remainder Trusts
Other estate plans recommended by your attorney or financial advisor

To make a gift to the Endowment Trust:

Contact Library Director at 717-533-6555, extension 3715 or lauraogrady@derrytownship.org

Before making a gift, consult with your financial advisor or attorney about tax implications and gifts, investments, and estate plans that can maximize the benefits of the contribution.

A $5000 gift or more is named on a lobby plaque. We can work with donors who are interested in landscape, book or furnishings gifts.

Are any other donations possible?

The Library also has an Honor and Memorial Gift Book Program. Funds are used to purchase books or media in someone’s name. A personalized bookplate is placed on the items. Landscape and other commemorative gifts are available. Donations to the Friends can be made at any time.

Endowment Governance

The trust is managed by an Endowment Board of Trustees, appointed by the Board of the Friends of the Hershey Public Library in accordance with the Endowment’s Agreement of Trust. The Endowment funds are managed by a professional investment firm, Bryn Mawr Trust Company.

Hershey Library Endowment Trust Board 2019

Appointed Positions

John Rita (Chair)

Julie Isaacson (Vice-Chair)

Ted Farrar – Treasurer

Hillary Marotta - Secretary

Rob Hersey

Martha Brown

Tracy Burke

Carin Kaag

Ann Zaprazny

Standing Positions

Laura O’Grady, Director of Library Services

Leigh-Anne Dornberger, President HPLB

Sharon Miller, President of Friends of the Library

Name TBA, Supervisor, Township of Derry

Bryn Mawr Trust Officers: (Non-voting)

Andy Keefer
Jesse Ashcroft

Use of Endowment Funds

According to the Agreement of Trust, the principal is maintained in perpetuity with the income to be used for the Endowment’s stated purposes. A gift of $15,000 was made to the Capital Campaign for furnishings for the new facility, opened in 1997. After 30 years growth, the Endowment, more recently, has supported author visits, music events and service enhancements including:

· A new teen area
· An improved story time area
· A reading garden
· Improved checkout area.
· An Internet upgrade increasing speed and access to online services

Why Donate?

There are many tax advantages, including income, gift and estate charitable tax deductions. For example, it may be possible to avoid capital gains taxes when you donate actual stock instead of the cash from a stock sale, or your will bequest can be deductible from the taxable portion of your estate.

In addition, donors who set up gift annuities or similar funds can actually receive income from their investment while benefiting the Library at the same time.
In each case, your gift will make a long-term contribution to a valuable community resource.

Why Does The Endowment Need To Grow?

To expand the library’s building usefulness and available materials.
To meet the demand for new media formats.
To adapt to rapidly changing Information technology and Internet based resources.
To realize future uses of the library as a destination and resource.
To provide enhanced educational and cultural programs for adults, teens, and children.

(Updated November 7, 2019)