Endowment

Let&&'s take a look at an example of how this process works:

Dan Glover donates $20,000 to create a library materials endowment for journalism materials. At his request, USM Libraries names this endowment "The Dan Glover Library Endowment." Since we normally would be able to spend 5% of the endowment's value each year, there would be $1,000 available for purchases from the very beginning, and this amount would increase with time.

Each year librarians would choose journalism-related materials for purchase, using funds generated by the endowment. These materials might include books, journal or magazine subscriptions, or videos, among other items. When these items arrive at the library, bookplates will be placed on those items that can accommodate them, in honor of the donor. This creates a lasting record of appreciation for the donor, and the gifts benefit students and researchers for decades to come.

One of the greatest needs at USM Libraries is for a Technology Endowment. It is difficult to keep pace with the rapid changes that technology brings, but we strive to give our library users up-to-date computers, printers and accessories. While we do very well with the budget that we have been given, an endowment devoted to technology would ensure that our electronic resources would be precisely what the students, faculty and staff need.

Any endowment at USM is tax deductible and can be paid in one lump sum, completed in installments, or made as part of a planned gift, such as a life insurance policy. For a donation to be considered an endowment it must reach no less than $10,000 in value in 10 years.

For more information about endowments, please contact the University Libraries director at 601.266.4242.