Madison Public Library, Inc. (MPLI) was established by the Board of Trustees of the Library in 1997 to “preserve, protect, invest and grow the gifts, bequests, devises and contributions made to the Library over time for its future benefit in the most prudent possible fashion ….”. MPLI is a not-for-profit corporation as described under Section 501 (c) 3 of the Internal Revenue Code and it is also exempt under Title 15 of the New Jersey statutes. The sole beneficiary of its activities is the Library. MPLI is under the direction of a Board of Directors which consists of members of the current Board of Trustees of the Library as well as additional public members.
MPLI operates to invest the gifts and generate investment returns which together are available to support the Library activities over longer periods of time. Investment managers are used to assist the Directors in the investment activity. Gifts are, in some cases, permanently restricted with only investment returns available for use, others are temporarily restricted for designated purposes and others are received without designation and which the Board of Trustees can appropriate for use in their discretion. The Directors are legally bound to comply with any donor restrictions. The largest share of the funds is held in the Endowment Fund which income is distributed to the Library on an annual basis as determined by its Board of Directors. In addition, some of the gifts are restricted for designated purposes such as growth of the Library collections, its programming activities or support of its facilities, furnishing and grounds and are invested until used for the purposes required by the gift.
Since MPLI was established, it has provided annual support for the operation of the Library. A summary of the support provided over the most recent 5 year period follows:
Year General Support Designated Support
2011: $130,000
2012: $130,000
2013: $160,000
2014: $168,000
2015: $168,000
Gifts may be made to MPLI in cash, securities, through trust or annuity distributions, or by bequest. You may contact the Director of the Library to obtain any information to respond to your questions or to provide information to assist you in helping the Library with your gift.
