What is the Monona Public Library Foundation, Inc.?
The Monona Public Library Foundation, Inc. has established an endowment for the purpose of enhancing the Monona Public Library’s services beyond what can be provided through taxes or other usual revenue sources. The Foundation funds the endowment through fund-raising activities directed towards individuals, businesses and other organizations. On an annual basis the Foundation will disburse a small portion of the fund’s assets for such purposes as the purchase of supplemental materials to enhance or expand the library collection; special programs, performances or lectures; staff training and development; and equipment or furnishings outside the scope of the library’s budget.
Who runs the Monona Public Library Foundation, Inc.?
A board of directors runs the Monona Public Library Foundation. Bylaws govern the board’s activities. Current board members include:
Chad Speight - President
Kathy Thomas - Vice President
Jennifer Binzley - Treasurer
Melissa Aro - Secretary
Todd Stebbins - Library Board Representative
Teresa Adams - Friends of Monona Library Representative
(Unfilled) - Community Representative
(Unfilled) - Community Representative
If you are interested in serving as a board member or assisting the Monona Public Library Foundation in its fundraising efforts, please contact Ryan Claringbole, 216-7458, or email.
Tax Benefits of Contributions to the Foundation
The Monona Public Library Foundation, Inc was organized as a nonprofit, non-stock corporation created under Wisconsin Law in 2004. The Foundation has been granted tax-exempt status under Internal Revenue Code sec. 501(c)(3). All contributions to the Foundation are tax-deductible to the full extent of the law and can provide tax savings to the donor in a variety of ways such as:
Savings in income taxes by gifts of cash, securities or property made during the current fiscal year.
Savings in inheritance and gift taxes by bequests, testamentary trusts or gifts, or living trusts.
Savings in capital gains taxes when gifts of appreciated securities or other property are made.
Be sure to check with your tax advisor to see whether a gift of this type may be of advantage to you. And ask your employer if they will match your contribution.
Who Manages the Endowment Funds Donated to the Monona Public Library Foundation, Inc.?
The Madison Community Foundation, a nonprofit, tax-exempt organization, invests all funds on behalf of the Monona Public Library Foundation, Inc. For over 60 years, the Madison Community Foundation has managed funds, including endowment funds, raised for charitable purposes in the Dane County area. The Madison Community Foundation’s reputation for prudent investment at relatively low costs ensures that more funds are available to enhance the Monona Public Library.
To learn more about the Madison Community Foundation, visit its website.
How You Can Contribute to the Foundation
Contributions can be made to the Monona Public Library Foundation, Inc. using a variety of methods including:
Call Madison Community Foundation at 608-232-1763, reference Fund # 1030299
Make check payable to Monona Public Library Foundation, Inc.and mail to:
Monona Public Library Foundation, Inc. 1000 Nichols Road Monona, WI 53716 OR
Make check payable to Madison Community Foundation, Memo: Fund #1030299 and mail to
Madison Community Foundation 111 N. Fairchild Street, # 260 Madison, WI 53703
Set Things Up Now to Donate Later
Madison Community Foundation regularly processes donations of stocks, bonds, mutual funds and other appreciated assets. In addition, Madison Community Foundation provides enhanced opportunities for long-term giving through Charitable Gift Annuity and Charitable IRA Rollover options. Contact Madison Community Foundation, 608-232-1763.
Can I Make an Anonymous Donation?
Absolutely! To donate anonymously, please contact the Madison Community Foundation at 608-232-1763. Reference Fund #1030299
How Your Company or Organization Can Contribute
Make a tax-deductible contribution
Match company employees’ donations
Establish a memorial fund
What is the difference between the Friends of the Monona Public Library and the Monona Public Library Foundation, Inc.?
Both organizations raise funds for the library for expenditures outside the scope of the library’s budget. In addition, the Friends provide other types of support for the library in terms of assistance at library events and sponsoring promotional events for the library.
Funds donated to the Friends are not invested on a long-term basis and are used for more immediate library needs. As such, donors who would like to make contributions used for an immediate purchase or project at the library should make their donation to the Friends and send their check payable to the Friends of the Monona Public Library to 1000 Nichols Road, Monona, WI 53716.
Foundation funds are invested on a long-term basis through the Madison Community Foundation. Only a small percentage of the assets are available to be spent each year. Typically the Foundation would be the recipient of larger donations to the library, such as bequests. Since the Madison Community Foundation is able to process stocks and bonds, those types of contributions should be made to the Library Foundation.
If you have any other questions or concerns regarding the Monona Public Library Foundation, Inc., Ryan Claringbole, 216-7458, or email.