Friends of the Library Endowment Fund

Friends of the Chattanooga-Hamilton County Bicentennial Library is guaranteeing that the library will continue to flourish for another 100 years. With the help of the Community Foundation of Greater Chattanooga, the Friends organization has established the library’s first endowment fund.

What is an Endowment?
An endowment fund works like a permanent savings account. The amount you give, which is the principal, is never spent. Only the interest income is spent. Gifts to an endowment fund are tax deductible under federal and state law.

Why does the library need an Endowment?
The demand for library services has never been greater. With budget cuts forcing the reduction of library services and resources, the library and its supporters must work together to secure the library’s future. An Endowment Fund ensures the library’s long-term financial security. A gift to this fund expresses a belief in our community and creates a lasting legacy that will benefit library patrons now and for years to come.

How can you help an Endowment to grow?
With services provided by the Community Foundation of Greater Chattanooga, the Friends of the Library Endowment Fund is equipped to accept gifts of cash, stock, IRA’s, and real estate. Naming the Friends of the Library Endowment Fund as the beneficiary of a charitable bequest is often as simple as adding a few sentences to your will or a codicil. Before making any planned gift, you should consult with your attorney or financial advisor.

Specific Bequest
“I give, devise, and bequeath to the Friends of the Library Endowment Fund of the Community Foundation of Greater Chattanooga ____% of my estate.”

“I give, devise, and bequeath to the Friends of the Library Endowment Fund of the Community Foundation of Greater Chattanooga $_____.”

Residual Bequest
(Remainder of estate after all other bequests have been granted)
“I give, devise, and bequeath to the Friends of the Library Endowment fund of the Community Foundation of Greater Chattanooga, all the rest, residue and remainder of my estate after my final expenses and any legal obligations have been settled.”

If you are making a contribution to the Friends of the Library Endowment Fund, please inform us. We want to thank you for your vision and generosity. Your support allows the continuation of programs and services you enjoy and promises a rich library experience for future generations.