Report to the Community
The Friends of the Library of Flagler County ( FOLFC ) is a 501(c)(3) not-for-profit corporation formed in 1978 through the support of concerned citizens. It's been said that at the heart of every great community is a great library. To ensure this, the FOLFC is committed to developing resources -- above and beyond taxpayer support -- for a public-private partnership to help keep our library vital for all patrons.
The following is an explanation of how the Friends of the Library of Flagler County, Inc. handles its funds.
We have three accounts:
1) Operating Account – Consists of two banking accounts, one is a savings and the other is checking. All funds raised (unless specified by the donor for #2 or #3 below) go into the operating account. This includes: all memberships, book shop sales, special book sales, misc. fundraising, donations, estate bequests, and any other funds raised not specified. If a donor wishes their donation to go to a specific item (i.e only to be used for Children’s books) the funds go into the operating account but are designated for that item as requested by the donor.
2) Endowment Fund – Is a managed stock fund portfolio account. This fund was started mostly by a donation of stock and is used for our annual scholarships. These scholarships are offered to local high school graduates that are going on to college. In both 2016 and 2017 we will be awarding or have awarded (9) $1000 scholarships. Due to the excellent management of this fund over the years the Executive Board has voted to use some of the money for special Library needs like computers or special systems. It is totally funded by its growth from investments.
3) Expansion Fund – This is a separate bank account set up to support future library expansion at the existing library. It has been funded solely by donations specified for this project. Funds will be provided to the county once an agreed expansion plan is in place