We certainly welcome philanthropic contributions toward this project. However, relying on philanthropy to fund these projects would have its own impacts, including the following:
- A fundraising campaign would require delaying the projects.
- There is also a degree of uncertainty associated with fundraising; we would not be as confident in what could be accomplished as it would be contingent on our ability to raise funds from a select few people. However, funding these projects through philanthropy could indeed offset a tax impact.
- If the library district accepts a financial gift, the statute limiting public library district’s ability to apply those monies to the construction of new facilities, purchase land, or expand current facilities applies. (This statute is IC 33-2724)
The library is in the process of creating a Foundation in order to be able to accept philanthropic gifts in the future and independently support capital needs.