The Foundation's role as financial steward
Financial Management
How the Foundation works
Many foundations collect and distribute funds intended for a variety of charitable causes. The Tompkins County Public Library Foundation was established to provide funding for only one beneficiary: Tompkins County Public Library. The foundation structure is necessary. As TCPL is a publicly-funded entity, the Foundation raises funds on the Library's behalf and both distributes funds to the Library in support of materials, programs, and services and responsibly grows financial resources through a closely managed portfolio of investments. This role is outlined in the Foundation Board of Director’s Bylaws, viewable here.
The Foundation respects the deep trust you demonstrate by making gifts in support of TCPL. 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 relationship with TCPL
The Foundation’s relationship with TCPL is close, of necessity. Every day, we learn of trends in library usage, big dreams for future services and programs, and necessary emergency interventions – and we are able to respond quickly because of our close relationship.
Along with regular annual distributions made in support of the Library’s materials collection, the Foundation maintains 20+ endowed funds that have been established to provide long-term funding for specific parts of the collection, programming, and staff development. These endowments are managed by Tompkins Financial, in accordance with the Foundation’s Investment Policy, and guided by an Environmental, Social, and Governance Investment strategy. The annual payout to TCPL is determined by the payout policy, providing up to 5% of the rolling 20-quarter average market value.
Records and Policies
As a 501(c)(3) organization, the Foundation complies with all federal and state requirements. These include:
Annual Independent Audits
IRS Form 990 Filings
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Annual Reports
Investment Policy
Other Policies and Standards
In addition, the Foundation adheres to best practices and state requirements for governance, including:
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Board of Directors Conflict of Interest Policy and annual disclosures
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Sexual Harassment Prevention Policy and annual training
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Whistleblower Policy
To learn more about how funds donated in support of TCPL are managed, contact Kerry Barnes at kbarnes@tcplfoundation.org or 607 275-1532.