The Jessie F. Hallett Memorial Library Board and the JFHML Friends Foundation are excited to announce the formation of the JFHML Endowment Fund, a Partner Fund of the Initiative Foundation. Over the past several years, the funding sources for the library have changed. Funding for the Library comes from four main sources:
- The E.W. Hallett Trusts continue to support the operations of the Library, but at a reduced level from earlier years;
- the City of Crosby continues their level of support for operations;
- some of the surrounding townships help operations by donating funds;
- the JFHML Friends Foundation raises money for books and materials.
For the past few years, the Library has spent down its reserves in order to continue operations at a level that this area has always seen. However, those funds are no longer available.
An endowment is the perfect answer to an ongoing financial struggle. A person’s contribution to the endowment fund remains in that fund for the lifetime of the endowment. Only the interest earned from the fund is spent. Each year, the Initiative Foundation will determine the amount of interest earned minus their fees and that money will return to the library. The Librarian will make recommendations on the needs of the