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PRESS RELEASE / ANNOUNCEMENTS Tuesday, July 21, 2015

Friends of the Montecito Library announces new fundraising strategy


1. Friends of the Montecito Library announces new fundraising strategy
Montecito, CA, July 17, 2015: At Monday’s Friends of the Montecito Library (FML) meeting, the Board of Directors approved to focus on a new fundraising strategy in light of recent County budget cuts that resulted in reducing library hours from 45 hours per week to 36 hours per week (25% decrease). The library will be closed on Sundays and Mondays.
The Board unanimously agreed to focus its fundraising strategy on building the endowment which currently stands at $600,000. The investments are being divested of CDs as they mature and into a conservative portfolio of stocks and bonds. After the Friends of the Montecito Library meets its annual budgetary commitment with the County, remaining gifts will be used to boost the endowment. The Montecito Library receives 1/3 of its funding from Santa Barbara County, 1/3 from reserves which are funds that were donated to the Montecito Library but controlled by the County, and 1/3 from donations from FOML.
By moving to a more sustainable funding model, the Board hopes to stabilize the Library’s annual funding sources. There was quite a bit of discussion of distributing more funds in order to keep the doors open six days per week, but it was decided that it was in the community’s best interest to take a long-term approach. Once the endowment reaches a level where the distribution of the interest in the investment will pay for additional opening hours, the Board will increase the funding that is given to the Library’s budget. The Board encourages the members of the FOML and other library patrons to continue supporting the library through donations.
Donations can be made through our website at http://montecitolibraryfriends.org/
Checks are also accepted. Please make checks payable to “Friends of the MonteciThe Library is open for 36 hours per week, Tuesday through Saturday. The library is closed on Sundays and Mondays. Prior to July 1st, 2015, the Library was open 6 days per week but hours were cut because of budget constraints.
The Library relies on 2/3 of its funding through private donations and 1/3 from government funding as shown above.
Unlike most other Santa Barbara County libraries, Montecito Library does not receive funding from a city, since Montecito is not incorporated. This has a significant impact on library services and hours.

2013/2014 Fiscal Year Stats
50,000 visits
117,465 items were checked out
2,061 youth attended programs
961 volunteer hours
237 donors
Friends of the Montecito Library Fast Facts:
Most new books, audio books, and DVDs purchased for the library are paid for by the Friends of the Montecito Library.
Library visitors save hundreds of dollars per year by borrowing books instead of buying them.
Wi-Fi access is available for homework, Internet research, employment searches and applying for jobs.
Friends of the Montecito Library accept both restricted and unrestricted monetary gifts, books, and media.
SB County funding of libraries is among the lowest in the state: $7.80 for each resident in the Montecito Library service area. This library, however, has among the highest number of visitors. to Library” and mailed to: Friends of the Montecito Library, PO Box 5788, Montecito, CA 93108. FML is a 501c3 non-profit, so all donations are tax deductible.

Contact

Patricia Saley
(805) 570-8483
Email: psaley@silcom.com

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