Financial Management

The Tompkins County Public Library Foundation takes seriously its role as stewards of supporters’ resources, respecting the deep trust you demonstrate with your contributions. Our practices adhere to the standards laid out in the Donor Bill of Rights developed by the Association of Fundraising Professionals (AFP), Association for Healthcare Philanthropy (AHP), Council for Advancement and Support of Education (CASE), and The Giving Institute. To view the Donor Bill of Rights, click here.

The Foundation's role as financial steward

With the guidance of the Foundation’s Finance and Audit Committee, the Foundation Board of Directors honors the organization’s role, as outlined in its bylaws:

To provide funds to or for the benefit of the Tompkins County Public Library by:

  1. soliciting, accepting, holding, investing, reinvesting, and administering any gifts, grants, bequests, contributions, devises, benefits or trusts, endowments and property of any kind, without limitation as to amount or value;

  2. using, disbursing or paying the income or principal thereof exclusively for the foregoing purpose or in the advancement thereof;

  3. performing any other act or thing incidental to or connected with the foregoing purposes or in the advancement thereof

The Foundation's relationship with TCPL

In partnership with TCPL, we identify and present new funding needs, while also providing support for TCPL’s ongoing work in sustaining collections, offering educational programs, and serving our community’s youngest citizens, from birth through their teens.

In response to an annual budget presentation from library leadership, the Foundation commits to providing revenue in the following year for operating support via the Annual Fund; endowment proceeds to bolster collections, staff development and programming; and special programs and initiatives, such as new outreach endeavors.

Endowments

Endowments are managed by a trusted financial institution in accordance with the Foundation’s Investment Policy Statement, which is guided by an Environmental, Social and Governance investment strategy. The annual payout to TCPL is determined by the payout policy, of providing up to 5% of the rolling 20-quarter average market value.

Records

As a 501(c)(3) organization, the Foundation complies with all federal and state requirements. These include:

Annual independent audits (link to past three years)

 

IRS Form 990 filings (link to past three years)

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Other Policies and Standards

In addition, the Foundation adheres to best practices and state requirements for governance, including:

  • Board of Directors Conflict of Interest Policy and annual disclosures

  • Sexual Harassment Prevention Policy and annual training

  • Whistleblower Policy

To learn more about how funds donated in support of TCPL are managed, contact Suzanne Smith Jablonski at ssmithjablonski@tcplfoundation.org or 607 275-1531.