ALA Endowment Fund passes $40 Million
For Immediate Release
Keith D. Brown
Senior Financial Analyst
Finance and Accounting
CHICAGO — On behalf of the American Library Association (ALA) Endowment Trustees, Senior Endowment Trustee Rod Hersberger announced that the value of the Association’s long-term investments reached $40.2 million on Aug. 31, 2014. The Endowment achieved its last major milestone of $30 million in May 2007.
Mr. Hersberger credited the Trustees' decision to overweight equities over the last 18 months that took advantage of a strong stock market. The Endowment’s performance helped generate earnings of $1.6 million in available support for the association in 2014 at the current payout rate of 5 percent.
These funds and the ALA Endowment overall provide essential support for Spectrum and other scholarship programs, as well as operational support for ALA programs that include the Washington Office, Office for Intellectual Freedom, the ALA divisions and others. The Endowment was created and has grown over the years through gifts from ALA members who have sought to leave a legacy of strong libraries and a strong association to support them.
Since 2005, more than 3,000 ALA members and friends of the association have donated to the Endowment through a voluntary addition to their annual membership dues, a separate annual gift or realized gifts from a bequest, life insurance policy or retirement plan. For further information on the ALA Endowment, to make a donation or learn how to become a member of the ALA Legacy Society through a planned gift, please contact ALA at (312) 280-3215 or send an email to firstname.lastname@example.org.