Just in time for the holidays, the Oxford Public Library received the gift that keeps on giving ? and no Cousin Eddie, it’s not the Jelly of the Month Club.
The library received a $1,000 award for its endowment fund from the Library of Michigan, part of the Michigan Department of History, Arts and Libraries.
‘I was really very pleased,? said Library Director Judy Doublestein.
Oxford was one of nine libraries throughout the state selected to receive either a $2,500 or $1,000 award as a result of the ‘Ernie and Tram Go to Bat for Michigan Public Libraries? campaign last spring.
As part of this campaign championed by Hame of Fame broadcaster Ernie Harwell and former Detroit Tigers Manager Alan Trammell, public libraries across Michigan sold $20 tickets to the May 15, 2005 Tigers game against the Anaheim Angels.
Ticket sales raised $15,380 for which 37 libraries applied to receive a share to help them either create endowment funds or add to existing ones.
An endowment fund is a gift of money or property to an insitution for a specific purpose. The library established its endowment fund in 2002 using a $2,500 donation from the Rotary Club of Oxford.
Whenever monies are donated to the endowment fund, they are added to the pool of principal, which is never spent.
‘The principal will stay there forever,? Doublestein said. ‘We won’t be touching it.?
Interest, however, earned off the principal is available to fund whatever future projects the library deems necessary or appropriate.
‘We’re only going to be using the interest on that money,? Doublestain explained. ‘If something comes up we feel we need helping financing, we can use that.?
To ensure the principal and interest are never mixed, she assured the ‘books will always be kept separate? so ‘donations now can benefit the library over the next 80 years.?
‘This is a way they can give to the library and seetheir money working for years to come,? Doublestein said.
As of October, the endowment fund consisted of $4,357 in principal and $177 in interest.
The endowment will soon see an infusion of cash including $2,000 of a $4,000 donation made by the Oxford Public Library Friends in September plus numerous donation checks sent to the library in response to a mailing to 300 past contributors.
And all this still does not include the $1,000 award from the state.
Those wishing to contribute can make their checks payable to ‘Oxford Public Library Endowment Fund? and mail them to the Oxford Public Library, P.O. Box 538, Oxford, MI 48371.
For more information call (248) 628-3034.