Mullins Library Endowment (2014)
Mullins Library Endowment was one of five endowment funds transferred to the Community Foundation by the Marion County Library System in early 2014. As a designated endowment fund at the Community Foundation, the Mullins Library Endowment will grow and return monies to benefit the Mullins Library. The fund can also accept additional contributions from individuals, families, businesses and organizations.
Neal Fairbanks, a Mullins representative to the Library System’s Board, said that most of the endowments have existed for years, but remained essentially dormant until they moved to ECCF in early 2014.
“The funds have been underutilized, but now they’re with Eastern Carolina Community Foundation, they can earn more interest and provide more support to the Library System,” Fairbanks said.”
Dr. Paul DeMarco, who is a member of both the MCL Board of Trustees and the Community Foundation Board of Trustees, was equally hopeful: “As a Marion County Library Trustee, I am excited about our new partnership with Eastern Carolina Community Foundation. ECCF will provide the Library Board with new opportunities to grow our endowment funds to better serve the citizens of Marion County.”
Community Foundation staff will be available to meet with MCL staff, board, and donors to develop or enhance planned giving and major gifts strategies. Eastern Carolina Community Foundation can process and manage various types of unique and complex gifts, including appreciated securities, real estate, closely held stock, insurance policies, tangible personal property, and bequests.
“Better libraries mean improved literacy, which means higher graduation rates, improved job prospects, lower rates of poverty and incarceration. The community will see dividends years and generations down the road,” according to Alan Smith, Library Director.
Smith also hopes that increased publicity for the endowments will inspire others to give to the library. Using the funds “shows the community we are planning for the future and serves as a rallying point for others to give,” he said. “The fact that these endowments exist is something to be proud of—a sign of the trust the community has placed in us.”