Library Endowment Trust
300 Park Ave
Oklahoma City OK 73102
Tax Exempt Status Public Charity Type I Supporting Organization
Organization Does Business As (DBA) Name(s)
Organization DBA
Library Endowment Trust
Mission Statement To grow the endowment to enhance our libraries.
Contact Information
Contact Name Diane Sarantakos
Contact email development@metrolibrary.org
Address 300 Park Ave
Oklahoma City, OK 73102
Phone (405) 606-3760
Fax 405-606-3735
County Oklahoma County
Alternate Phone 405 606-3761
How to Give
Donate to Endowment http://occf.org/let/
Other ways to donate, support or volunteer
Gifts to the Library Endowment Trust are recognized in perpetuity and will continue to benefit future generations of library patrons for years to come.  Your gift can be given to the Annual Fund, in support of the Literary Voices author dinner, or in honor or memory of a special person in your life.  Gifts of ALL amounts are appreciated and accepted by the Trust.
 
Check, cash or credit cards
These are all acceptable methods of making a gift.  Gifts by credit or debit card can be made online , while checks can be mailed to:  The Library Endowment Trust, c/o The Metropolitan Library System, 300 Park Avenue, Oklahoma City, OK 73102.
 
Pledges
You may prefer to make a pledge over an extended time, of a year or two or more.  Pledges are welcomed and payments are made on a timeline that is most preferred by you, as the donor.
 
Planned Giving
Have you considered including The Library Endowment Trust in your estate?  We would be happy to speak with you regarding options for leaving a gift to the Endowment in your will or by way of another gift vehicle to provide lifetime interest.  We encourage you to talk with your personal attorney or trust officer of your bank -- only you can make the decision of how your lifetime earnings will benefit generations to come. To learn more about Planned Giving, please click here. If we can be of assistance or to answer additional questions you may have, please feel free to contact our office directly @ (405) 606-3761 or dsarantakos@metrolibrary.org.
Financial Summary
 
 
Projected Revenue $761,000.00
Projected Expenses $228,500.00
History and Background
Former Names
NameYear
Endowment Trust of Friends of the Metropolitan Library System of Oklahoma County1988
Supported Organization Metropolitan Library System
Year Founded 1986
IRS Ruling Year 1988
State Registration Expiration Dec 2014
Statements
Mission To grow the endowment to enhance our libraries.
Background

The Library Endowment Trust is an independent 501(c)(3) organization whose purpose is to create extra funds above the tax base to provide excellence in Oklahoma County’s public libraries. The Board of Trustees is composed of 15 to 22 people and meets a minimum of four times a year, per the organization’s bylaws. The primary purpose of the board is two-fold – fiduciary (investing and protecting endowment funds) and fundraising (soliciting gifts to grow endowment funds). The Library Endowment Trust has assistance from Metropolitan Library staff, who keep track of time devoted to any work for the Trust for which the Trust is billed quarterly so that no tax funds are expended in support of the organization. 

Area Served
Area Served
Geographic Area Served
Central Oklahoma

The Metropolitan Library System's primary service area is Oklahoma County, and our primary customers are its citizens. For us, that includes anyone who lives or attends school in Oklahoma County, or anyone who owns property here. We also have a reciprocal borrowing arrangement with the neighboring Pioneer Library System, which includes libraries in Cleveland, McClain and Pottawatomie Counties.

Citizens of those counties, as well as people who attend school in Blanchard, and who carry a valid Pioneer Library borrower's card, can also check out material from our collection. Anyone who doesn't meet any of these requirements can purchase an Annual Fee card.

Service Categories
Secondary Organizational Category Arts,Culture & Humanities/Fund Raising & Fund Distribution
Tertiary Organizational Category Education/Libraries
Programs
Description
The organization undertakes an annual fundraising campaign targeting potential donors within the library's service area.  The campaign's fundraising appeal generally also includes information about the programs and services of the library system which is benefited by donations to the Library Endowment Trust.
Strategy
Population Served US General/Unspecified Adults
Description The Literary Voices author dinner is an event that seeks to raise awareness for the programs and services of the Metropolitan Library System and the Library Endowment Trust. Since 2003 the event has brought a series of internationally acclaimed authors to speak at the annual dinner. Featured speakers have included Dave Barry, Sue Grafton, Scott Turow, Mary Higgins Clark, David McCullough, Khaled Hosseini and former First Lady Laura Bush.  A lifetime achievement award is generally given at the dinner to honor an individual who has demonstrated extraordinary support for libraries and literacy in the community.  Funds raised by the dinner benefit the Library Endowment Trust.
Strategy
Population Served US General/Unspecified Adults
Description
For over 25 years the Metropolitan Library System has been offering Summer Reading as a program to the community. Enrollment in the Summer Reading Program assists in establishing a pattern of behavior where parents encourage yearlong learning for children. Year-round learning is important to mitigating summer learning loss later in childhood.
The program is multi-faceted and includes hands-on education opportunities at local library branches that complement the theme of that year's Summer Reading Program. In 2014, the theme is "Science."
Children that reach their reading goal of reading 600 minutes are given the choice of a book to keep that has been pre-selected for quality and appropriateness by librarians.
Strategy
Population Served Children and Youth (0 - 19 years) General/Unspecified
Program Short-term SuccessHelpDescription of short-term achievement(s) or improvement(s) that will result from this program.
Our short term goal is to increase the number of individuals that participate in Summer Reading from 21,000 in 2013 to 25,000 in 2014. We hope to continue to increase those participation numbers by 2%-3% each year.
Program Long-term SuccessHelpDescription of the ultimate change(s) that will result from this program. This may be far into the future or represent an ideal state.

Children that have limited access to books and literacy materials demonstrate lower test scores and have limited language ability. One effect of limited access to books and reading materials is limited proficiency in reading. The poverty rate for children in Oklahoma is
23%. Many communities with high rates of poverty are within the Metropolitan Library System's service area. Impoverished families have a much lower rate of accessibility to books in the home. In fact, 61% of low income families have no children’s books in their homes. In middle income communities there are thirteen books available for every one child in the home. In low-income communities that number drastically drops to one book for every three-hundred (300) children.

In Oklahoma 73% of fourth graders are not proficient in reading. The inability to read is linked to higher high school dropout rates, which leads to an increased likelihood of poverty as a result of limited job opportunities. Children that do not read at 4th grade proficiency are four times more likely to drop out of high school. Beginning in 2014, Oklahoma’s “Reading Sufficiency Act” will require all students moving to 4th grade to pass a reading test. Those that do not pass this reading
proficiency exam will be retained in the 3rd grade. The estimated cost to the state for those who must repeat 3rd grade is estimated to cost Oklahoma approximately $900,000 - $1.3 million per year.

The long-term goal for the Summer Reading program is to build book
ownership in all neighborhoods that we serve, increase literacy rates and do our part to break the cycle of poverty in our state.



CEO/Executive Director
CEO/Executive Director N/A N/A
Start Date Jan 0
Email N/A
Staff
Number of Full-time Staff 0
Number of Part-time Staff 0
Number of Contract Staff 2
Number of Volunteers 52
Does CEO/Executive Director have formal evaluations? N/A
Management reports to board? N/A
Organizational Plans
Fundraising Plan No
Policy against commission-based compensation for fundraising consultant No
Communication Plan No
Strategic Plan No
Management Succession Plan No
Organization Policies and Procedures Yes
Government Licenses
Is your organization licensed by the government (federal, state and/or local)? No
Board Chair
Name Mr. Brian T. Alford
Company Affiliation Enable Midstream
Term July 2014 to June 2016
Email brian.alford@enablemidstream.com
Board of Directors
List Current as of July 01, 2013
Board of Directors List
NameAffiliationStatus
Mrs. Susan Adams Ronald McDonald House of Oklahoma CityVoting
Mr. Brian T. Alford OGE Energy Corp.Voting
Mrs. Catherine Armitage Community VolunteerVoting
Mr. David R. Carpenter American Fidelity AssuranceVoting
Mr. Robert Clements Clements FoodsVoting
Mrs. Karen Delaney Community VolunteerVoting
Mr. Kevin Dunnington Harding & Shelton, Inc.Voting
Mr. David Durrett The First State BankVoting
Mrs. Gail Huneryager Hogan TaylorVoting
Mrs. Donna Morris Metropolitan Library SystemNonVoting
Mr. Steve Payne C. L. Frates & CompanyVoting
Mr. Mark Robertson Robertson & WilliamsVoting
Mrs. Heather Ross Community VolunteerVoting
Mrs. Suzie Symcox First Fidelity BankVoting
Mr. Tom Vincent Community VolunteerVoting
Mr. Craig Woodruff Archer Well CompanyVoting
Board Demographics - Gender
Male 9
Female 7
Current Fiscal Year
Fiscal Year July 01, 2014-June 30, 2015
Current Year Budgeted Total Income $761,000
Current Year Budgeted Total Expenses $228,500
IRS Letter of Determination
Prior Three Years' Financial History
Expense Allocation
Fiscal Year201320122011
Program Expense$6,050$85,278$80,316
Administration Expense$17,210$47,297$100,524
Fundraising Expense$103,595$2,997$20,217
Payments to Affiliates------
Total Revenue/Total Expenses8.271.421.38
Program Expense/Total Expenses5%63%40%
Fundraising Expense/Contributed Revenue12%2%8%
Assets and Liabilities
Fiscal Year201320122011
Total Assets$2,703,623$1,781,879$1,730,426
Current Assets$671,108$100,619$22,650
Long-Term Liabilities------
Current Liabilities----$7,102
Total Net Assets$2,703,623$1,781,879$1,723,324
Solvency
Short Term Solvency
Fiscal Year201320122011
Current Ratio: Current Assets/Current Liabilities----3.19
Long Term Solvency
Fiscal Year201320122011
Long-Term Liabilities/Total Assets0%0%0%
Funding Sources
Top Funding Sources
Fiscal Year201320122011
Top Funding Source & Dollar AmountIndividuals $634,097Special Events $149,620Special Events $195,400
Second Highest Funding Source & Dollar AmountSpecial Events $211,440Individuals $28,842Individuals $40,093
Third Highest Funding Source & Dollar AmountInvestment Income $203,062Other $13,010Other $37,818
Endowment? Yes
Endowment Spending Policy Percentage
Endowment Spending Policy Percentage (if selected) 5 %
Credit Line? No
Reserve Fund? No
Capital Campaign
Currently in a Capital Campaign? No
Comments on Financials
Foundation Staff Comments
All prior year financial information is from audited financial statements. 
Address 300 Park Ave
Oklahoma City, OK 73102
Primary Phone 405 606-3760
Give to Endowment http://occf.org/let/
CEO/Executive Director N/A N/A
Board Chair Mr. Brian T. Alford
Board Chair Company Affiliation Enable Midstream