Long-Term Investment (Endowment) Fund Passes $30 million

Contact: Keith D. Brown
For Immediate Release
May 9, 2007

Long-Term Investment (Endowment) Fund passes $30 million

CHICAGO – Today at their regularly scheduled spring meeting at ALA headquarters in Chicago, the ALA Endowment Trustees announced that the Long-Term Investment Fund has passed $30 million. The Endowment has increased by $14.3 million or 88.8% in value since inception.

It was early in 1999 that the Endowment reached $10 million, having starting at $3 million in the late 1980’s. The current Chair Mr. Robert Newlen states that “the dramatic growth in the value of the portfolio is due to positive market growth, asset allocation and investment manager selection. This is also due to the hard work by the ALA Endowment Trustees – past and present – and the financial staff at ALA. I hope members will consider remembering the Endowment in their estate plans.”

The purpose of the American Library Association’s Endowment Fund is to protect and grow the investment resources so as to support current and future Association needs, including scholarships, awards and unique programs that build a strong future for the American Library Association and America’s libraries.