The Friends of Forbes endowment fund was established in 2001 with a $5,000 bequest from the estate of Dr. Claire Manwell. At that time, the Friends’ board decided to utilize the bequest to start an endowment so the Friends will be able to support the library in perpetuity.

The endowment is funded by all donations received by the Friends outside of our regular membership solicitation and fund raisers. As a result, monies received from such sources as bequests, foundation and individual gifts, and memorial contributions are applied to the endowment.

The endowment is managed by the Finance Committee of the board, which meets several times a year to review the existing portfolio and make recommendations to the full board on the investment of new revenue.

To keep costs low, the endowment has been invested in a diverse portfolio of low-fee Vanguard mutual funds, primarily index funds, that cover the investment spectrum. These funds include small-, large- and mid-cap U.S. stocks, international stocks in both developed and emerging markets, energy and U.S. Treasuries. The policy of the board to date has been to reinvest all income and capital gains.

Should you wish to discuss a gift to the Endowment, you can contact the Friends at friends@forbeslibray.org. Those wishing to make bequests to the endowment should contact your legal counsel for advice on including the Friends of Forbes endowment in your estate plan.