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K-town Library Gets Grant; Establishes Endowment
May 21, 2008 - The Knightstown Public Library recently received a grant from the Henry County Community Foundation to help pay for equipment to automate some of the library's tasks, and has established an endowment fund with the HCCF.
Library Director Mary Miller told The Banner that a $2,869 grant awarded in late April will be used to purchase a laptop computer, a wireless remote device, a barcode reader, and barcode labels and covers. She said the equipment will allow the library to automate its check-out process, circulation records and card catalog.
"We're going to get modern," Miller said.
The library has also established an organization endowment fund with the HCCF. The fund was started with a $6,500 donation the library made with money Miller said had originally been donated to the library in its early years.
Jerry Shaeffer, executive director of the HCCF, told The Banner the foundation will invest the library's endowment fund, along with the others it has. She said four percent of each year's earnings will be returned to the library, 1.8 percent will go the HCCF, and the rest will be added to the principal of the library's endowment fund.
Miller and Schaeffer both said that earnings from the endowment fund will be used to help pay for the library's operating expenses. Persons wishing to make a tax-deductible donation to the Knightstown Public Library Endowment Fund should contact Shaeffer at (765) 529-2235 for more information.
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