SELCO Library Foundation

The SELCO Library Foundation was established in 2004 by the SELCO/SELS Board of Directors to provide a repository and stewardship for contributions made to libraries in Southeastern Minnesota. As a 501(c)(3) organization, the Foundation's purpose is to accept, invest and apply charitable gifts in accordance with donor's intentions to enrich libraries.

Mission Statement, Bylaws, & Investment Directives

Mission Statement:  To enable donors to fulfill their charitable goal of supporting libraries.

SELCO Library Foundation Bylaws

SELCO Library Foundation Investment Directives

The Library-Foundation Partnership

How it works:

• The process begins when a community has the desire and opportunity to support its library's annual campaign, a capital improvement project or an endowment program.
• As the library receives contributions from donors, the library board or the library's Friends' group transfers money to the SELCO Library Foundation for safekeeping and public accountability.
• If charitable gifts are for an endowment fund or will not be needed for a period of time, the SELCO Library Foundation will work with the library to set up a prudent investment program.
• When a library is ready to expend donated funds, the SELCO Library Foundation will provide oversight to ensure funds are used as donors' intended.

Services Provided by the Foundation

• Establish a savings or investment account for charitable gifts that are being held on behalf of a library.
• Keep accurate accounting records of dollars received, earnings accrued and withdrawals. Keep a library's account segregated by type (e.g., unrestricted, designated, endowment).
• Provide library with regular reports on account status and fund balances.
• Strive to ensure that government agencies which support libraries do not use a library's successful fund-raising efforts as a way to reduce their local tax support to that library.
• Assist with fund-raising, planning and marketing.
• Workshops.  For example, see this information from a FOUNDATION:2005 workshop
• For those participating in the SELCO Foundation, a FOUNDATION:Participating LibraryDeposit/Withdrawl Authorization Form .

Contact the Foundation

SELCO Library Foundation
2600 19th Street NW
Rochester, Minnesota 55901
800-992-5061 (Toll Free)  /  507-288-5513  /  FAX:  507-288-8697
Web Requests: foundation@selco.info

• Chatfield Friends of the Library
• Chatfield Music Lending Library
• Chatfield Public Library
• Harmony Public Library
• Kasson Friends of the Library
• Lake City Friends of the Library
• Plainview Public Library
• Preston Public Library
• Rushford Public Library
• Spring Valley Public Library
• St. Charles Public Library
• Stewartville Friends of the Library
• Stewartville Public Library
• Van Horn Public Library - Pine Island
• Wabasha Friends of the Library
• Wabasha Public Library

Frequently Asked Questions about the SELCO Library Foundation

Why did SELCO (Southeastern Libraries Cooperating) create a Foundation?

Several libraries requested SELCO do so feeling that a SELCO Library Foundation would be beneficial to their fundraising programs and with services including:

• Accept and hold charitable gifts donated to a library
• Invest those funds until needed
• Return funds to the library when requested
• Provide stewardship and accountability

How long has it been in existence?

Studied and recommended by SELCO Finance Committee and approved by the SELCO/SELS Board of Directors on January 27, 2004

Why should SELCO undertake this?

• SELCO is a known entity and our name is associated with library service
• SELCO's role as a library system is to support libraries
• SELCO Library Foundation has been approved by the IRS as a 501 c (3)
• SELCO provides administrative support as part of its budget and the Library Foundation audit is conducted with the SELCO and SELS annual audits
• Libraries can avoid co-mingling private donations with city/county governmental operational budget dollars

Who governs the Foundation?

SELCO Library Foundation Board has representatives appointed by the participating library board or library organization, as well as representatives from the SELCO/SELS Board of Directors.  SELCO staff provide administrative support and attend Foundation Board meeting in an ex officio capacity.

What is needed to participate?

• $1,000 minimum with signed letter of agreement and copy of local board resolution defining purpose of the funds; may also be undesignated.
• SELCO investments will be conservative
• Foundation reserves the right to say no
• SELCO does not charge administrative fees to participants but reserves the right to revisit this decision in the future

What is the role of SELCO staff?

• Facilitate Library Foundation Board meetings
• Design and produce collateral materials
• Receive and disperse funds and provide financial statements to Board and participating libraries
• Maintain document files

Is outside fundraising or marketing support available?
The SELCO Library Foundation has a standing arrangement with a public relations, marketing specialist with years of experience in Minnesota Libraries.  Foundation participants should contact:

Mark Reidell, Marketing and Fund Raising Consultant
915 Stryker Ave.
West St. Paul, MN 55118

Make your tax deductible donation to the SELCO Library Foundation here.