Scio Library Receives Proceeds from Endowment

 

Carolyn presents the Big Check at Scio Library

Carolyn Miller, at right, president of the Allegany County Area Foundation and also chairperson of the board of directors for the Scio Memorial Library, presents a check for $565.90 to Sue Moyer, director of the library. The check is an annual disbursement from the Hydramec, Inc. Fund, a designated endowment held and managed by the Foundation to benefit the Scio library.

 SCIO, N.Y., FEBRUARY 3, 2012—The Allegany County Area Foundation presented a check for $565.90 to the Scio Memorial Library Thursday afternoon at the library. The check represented the earnings from the Hydramec, Inc. endowment fund, which is held and managed by the Foundation to benefit the Scio library.

            “We hope to use the money for the children’s part of the library,” said Sue Moyer, director, “and I’d like to use some for the genealogy area, too.” She said that those were two of the busiest parts of the library.

            Carolyn Miller, who is president of the Foundation and also chairs the board of directors for the library, was on hand to present the check to Moyer. “The Foundation is pleased that the library can benefit from an endowment fund like the Hydramec,” she said, “It’s an example of the people in Allegany County helping each other.”

            “The Hydramec Fund is the oldest designated fund that the Foundation has,” said Doug Roorbach, executive director, “It was established with $10,000 in 1989 and has grown to more than $15,000.” That growth has come even though the library receives annual disbursements of some of the funds earnings, he noted. “It’s a good idea to leave some of the earnings in the fund to act as a hedge against inflation,” Roorbach said.

            “We would like to encourage non-profit agencies and service organizations all over the county to establish endowment funds so that they can have a long-range source of steady revenues,” said Roorbach, “The Foundation has assets of over $7 million, which gives us a great deal of earning power when it’s invested.” He said that individuals can establish funds to benefit nonprofit organizations with as little as $5,000, or that the organizations themselves can establish a fund.