2016-17 Goals

The West Tisbury Library Foundation, Inc.

2016-2017 Strategic Plan
March 12, 2016

Executive Summary
This paper sets out the 2016-2017 goals of the West Tisbury Library Foundation (the Foundation). To provide a context for the plan of how the Foundation will achieve those goals, the paper starts out with the Mission and Vision of the Foundation. Next, the paper discusses the 2016-17 goals of the Foundation. The paper then covers the Structure and Expertise of the Foundation including important details about each of the Committees including their current work-in-progress and future work. Finally, for background and reference, the paper provides in an Annex, a summary of the Mission, Vision, guiding principles and goals of the Library enshrined in the Library’s 2017-2021

Strategic Plan.
Mission Statement of the Foundation
The West Tisbury Library Foundation, Inc. promotes and supports the continuous improvement and maintenance of the buildings, services and programs of the West Tisbury Free Library by raising revenue from private sources to supplement the funds provided by the Town and State.

Vision of the Foundation
In line with the Mission stated above, the Vision of the Foundation is to make a significant contribution to the financial stability of the Library for future generations. To this end, the Foundation will create and maintain a permanent endowment for the Library. This is in addition to 1) raising funds annually for the operations of the Library and 2) advocating for the Library.

As the Foundation undertakes this work, it is exploring such questions as: How does the Foundation best provide financial support to the library? How large an annual contribution is the Foundation able to make? What is the most efficient and effective way to create a permanent endowment? What specific activities will help us accomplish our tasks? How should we be organized and staffed for these tasks?

The Foundation is committed to exploring these and other questions in the context of the Strategic Plan of the Library (FY2017-FY2021), a summary of which is provided in an Annex to this paper. Clearly, the Foundation’s plans must reflect and be informed by the the Mission, Vision, guiding principles and goals of the Library.

2016-17 Foundation Goals and Plan
To fulfill the Mission and Vision of the Foundation thereby enabling the Library to achieve its goals, the Foundation plans to carry out work in the following three areas:

Create a permanent Endowment. An endowment is a body of funds received from external donors which is restricted. The donations (ideally money rather than securities or property) will be invested to preserve and grow the principal and to generate returns that can be used annually. The Foundation plans to fund the endowment (established with a reputable fund manager) in 2016 using funds from the current account and donations from individual donors.

Given the purpose of the endowment to fund the Library for future generations, the
Foundation will develop a prudential Investment policy covering essential areas such
as:

• specified risk tolerance, investment horizon and the types of investment, growth and revenue goals consistent with risk tolerance;
• permissible withdrawals: establishing the amount or percentage of funds that may be withdrawn during any period; and
• permissible usage of withdrawals which stipulates for what withdrawals may be used.

Clearly, the annual operating needs of the Library take priority, but the Foundation intends to raise enough money over and above its contribution to the annual operating requirements to be able to create the endowment. The Foundation’s established fund-raising methods have in 2014 and 2015 generated income to cover its low administrative costs and to make an annual contribution to the Library. The Foundation now aims to establish a specific program of activities to create the endowment fund.

Provide Annual Funding to the Library. The Foundation will determine the amount of funding it can realistically raise each year to support and supplement to Library’s Budget for its annual operations. Until the endowment has grown sufficiently to provide a significant stream of revenue, the annual contribution to the Library will be provided from donations via solicitation of one-time gifts (using the remaining naming opportunities), recurring gifts (three-year giving commitments at a specified level) and annual appeals together with income raised from events and benefits.

Advocate on Behalf of the Library. As a public entity, the Library relies on Town funding and the support of Town voters. The Foundation, along with the Library Trustees, the Friends of the West Tisbury Library and Library staff, advocates for the Library. Although the Foundation concentrated on fund-raising for the capital campaign for the first four years of its existence, its events, publicity, and fund-raising appeals have also served to advocate for Library support. The voice of the Foundation can be a strong complement to the advocacy roles of the Director, Trustees and Friends. The Foundation has the potential to shape public opinion in a positive light and to raise awareness of the activities of the Library and its impressive results. To this purpose, in 2015, many events were held and 3,000 copies of a newsletter were distributed. These will continue in 2016 and beyond. Also in 2015, a Foundation “Wall” with a TV monitor was created in the Library lobby promoting all the Library activities and events.