The Importance of Giving: Development Statement
The Athenaeum relies on a variety of income sources each year to meet its operating budget. Our endowment, built up over many years and protected by careful spending policies enacted in 2005, provides a substantial part of our income, but the severe economic downturn of 2008 reduced the value of that endowment, and thus the value of our allowable draw from it (*calculated as* 5% of a rolling three-year average).
As a result, over the next three years, endowment draw revenue is projected to decline steeply by upwards of $60,000 per year before stabilizing at a new annual draw rate almost $175,000 less than was available in 2007/2008.
To maintain service levels, endowment revenue decreases will have to be made up by other revenue streams. Over the next 3 years, we will need to raise an additional $175,000 outside of our endowment draw just to meet our yearly operating expenses.
Membership dues are a primary source of income, but they provide only 17.5% of our annual budget. In order to meet the expenses each year of buying the best in books and periodicals, preserving and maintaining our historic building, and providing excellent reference, children's, and program services, we rely on committed members and friends like you to invest in the library's future by donating generously.
This year, FY 09/10, in addition to membership revenue, we must raise 22.5% of our annual operating income through our annual appeal and fundraising events. Sustained membership growth and renewals, contributions to our annual appeal, and active participation in our fundraising events will enable us to meet our goals and continue to provide the services we all enjoy.