Thoughts on endowment fundraising for libraries

Abstract

Purpose

Libraries rely on endowment revenue for collection development and general operating expenses. Endowment gifts, both for collection development and for general operating expenses, can be a significant priority for a library during this fund‐raising effort. As such, it is this column's goal to summarize the challenges and advantages of these endowment gifts, and strategies for endowment fundraising in libraries.

Design/methodology/approach

Uses lessons learned by endowment efforts at the University of Pennsylvania Library, noting strategies that have worked.

Findings

Endowments present unique challenges and opportunities. While their benefits to the library are often less understood and intangible, often they are more accessible to donors due to a low threshold for establishment and the flexibility to give over a period of years.

Originality/value

Challenges and advantages are explored and strategies are offered to improve the effectiveness of endowment fundraising including marketing, challenge programs, and bequest encouragement.

Citation

Foley, C. (2005), "Thoughts on endowment fundraising for libraries", The Bottom Line, Vol. 18 No. 1, pp. 40-42. https://doi.org/10.1108/08880450510582051