The newly established Northeast Kansas Library Foundation can be an asset for your library if you do not have a local foundation or Friends of Libraries with IRS 501-c-3 tax exempt status. What can the foundation do for you – and what can it not do?
The Northeast Kansas Library Foundation CAN:
- Accept gifts and grants of money or property on behalf of the library and manage those funds in a fund restricted to expenditure as directed by the library. Receipt of property is subject to written agreement between teh library and the foundation.
- Serve as the applicant of name for a grant application limited to 501-c-3 organization subject to the requirements of the granting/donor organization.
There may be a modest administrative fee depending upon the time required to administer funds.
The Northeast Kansas Library Foundation CAN NOT:
- Actually write grant applications. The local library would need to do that although the Foundation would sign as the applying organization. The NEKLS Director is available to consult on grant applications.
- Perform local fund raising campaigns. The foundation can only accept and manage funds from those campaigns, upon request.
- Give its tax-exempt status to the local library or its Friends Group. The Foundation is the tax-exempt organization, and must receive and disburse funds granted to the Foundation.
- Accept gifts or grants that are not approved by the Foundation Board.
It is always preferable to have a local tax-exempt organization for the receipt of funds. However, the Northeast Kansas Library Foundation is available to assist libraries that do not have such a local organization.