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Leesburg Town Council Passes Administration of Thomas Balch Library Endowment Fund to Foundation
Thomas Balch Library Endowment Foundation in process of seeking status as tax-exempt charity.
Leesburg, VA (December 28, 2018) – When long-time library volunteer Virginia L. Bowie passed away in 2008, she bequeathed over $600,000 to the Thomas Balch Library. In 2013, the Town created an endowment fund from the Bowie bequest, to provide grants for research using the library’s collections, to support public programs on genealogy and local history, and to expand the library’s internationally-recognized collections. Since the time of the Bowie bequest, another dedicated volunteer, Diane Monica Lee, bequeathed almost $150,000 to the Thomas Balch Library. The endowment fund now holds over $900,000 dedicated to the purposes of the Thomas Balch Library.
To provide separate investment and management of the fund, the Town established the Thomas Balch Library Endowment Foundation as a separate Virginia nonprofit corporation. At its December 11, 2018, meeting, the Leesburg Town Council approved the foundation’s Articles of Incorporation and Bylaws, clearing the way for the foundation to take over administration of the library endowment fund and to accept gifts and bequests. The foundation anticipates that gifts to it will be tax-deductible according to normal charity rules; but until 501(c)(3) status is received, donors may wish to direct their gifts to the Town of Leesburg, earmarked for the Thomas Balch Library Endowment Fund.
According to Alexandra S. Gressitt, director of the Thomas Balch Library and foundation board member, the foundation has begun the process of seeking IRS recognition as a 501(c)(3) tax-exempt charity. In addition to Gressitt, the foundation’s board includes the Honorable Thomas D. Horne (president); James H. Hershman, Jr.; Ron Rust, Esq.; and Keith Troxell, Esq.
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