Andover Library Receives Endowment Funds

 

Lisa Adams, director of the Andover Library, accepts a check from Foundation President Carolyn Miller (at left). The check was for the proceeds from the Doris O. Church Fund, held in endowment by the Foundation to benefit the library.

ANDOVER, N.Y.—The Allegany County Area Foundation presented a check for the earnings from the Doris O. Church Fund to the Andover Free Library this week. The check was for $250; the library chose to reinvest another $43.56 in earnings back into the fund.

“Our numbers are up by almost 300 visitors,” said Linda Adams, director of the library, “So we will use this money to buy books and DVDs—new material for our patrons.”

“The Foundation is pleased to be able to provide a stable place for investments like the Doris Church fund,” said Doug Roorbach, executive director of the Foundation, “Year after year it provides a reliable income for the library.”

The Foundation has approximately $7 million in assets invested in endowment, scholarship and field of interest funds to benefit individuals and organizations in Allegany County. The Doris O. Church fund was established in 1999 by members of her family in order to benefit the Andover Free Library. Church was a teacher in the Andover school for 34 years. She and her family wanted proceeds from the fund to go for materials especially aimed at school-aged children.

“This will most likely go for young adult books,” said Adams, “We have a whole list of books we want and this will just about cover the whole list.” She noted that many of the library’s new patrons are teenagers. “They feel welcome,” she said, “so we’re trying to expand that selection.”

Roorbach said that the Foundation offers families an avenue to honor or remember a loved one “in a professional way.” “Having the Foundation administer a designated fund removes an onus from the family and close friends,” he said, “Having an organization invest the money and distribute it regularly keeps it from being a burden on the family. The Foundation has to follow certain rules and regulations that ensure that such funds meet their intended purpose.”

He added that the Foundation is always willing to discuss establishing such funds and welcomes the opportunity. “We would encourage individuals and organizations who want to honor or remember someone, or just to provide for an organization they support to get in touch with us,” he said.