ENDOWMENTS

The Eastern Shore Public Library Foundation has several endowments which are managed by the Hampton Roads Community Foundation (live link to HRCF). https://hamptonroadscf.org/

Endowments are funds invested to provide permanent long-term support for a nonprofit organization or cause. In time, a portion of the income from each endowment’s investments are made available annually to meet that fund’s purposes.  The remaining assets are retained in the fund to provide for growth over time.  (It’s the miracle of compound interest!)

The Foundation is focusing on augmenting two endowments in particular, and we especially welcome gifts and bequests that are directed specifically to these funds. 

 The Citizens’ Endowment.  Created in 2022, the Citizen’s Endowment will provide funds for special purposes that are defined by the Eastern Shore Public Library System’s Trustees. These uses can include, but aren’t limited to, special programs, temporary staffing, and other operational needs. Our goal for this endowment is $1 million with anticipated annual income of $30,000 or three percent each year. Income beyond three percent will be returned to the endowment with the goal of additional future income. The annual income from this endowment is currently being returned to the principal.

The Mariner-Barnes Archivist Endowment.  Named for revered local historians Kirk Mariner and Miles Barnes, this endowment is raising money to provide a salary for a full time, professional archivist in the Heritage Center.. The goal for this endowment is $2 million, with an anticipated annual income of $60,000 or three percent. Income beyond three percent will be reinvested in the endowment for additional future income. At present writing, all proceeds from this endowment are being reinvested.