Waukegan Public Library Foundation has approximately $42,000 with a permanently restricted designation, which the Foundation Board of Directors would like to lift. The directors of the Foundation board and Richard Lee, executive director of Waukegan Public Library and registered agent of the Foundation, post the following Resolution for public review for a period of thirty days:
Whereas. The Waukegan Public Library Foundation (WPL Foundation) was established with the purpose to enhance the quality of Waukegan Public Library (WPL) services to the community by securing resources to support library programs and projects not normally met by public funding.
Whereas. WPL’s current Strategic Direction has a primary focus on literacy programs/services to Waukegan residents from cradle to career.
Whereas. The WPL Foundation’s funds that are designated Permanently Restricted have been unavailable to the Foundation since December, 1986.
Whereas. US interest rates have been at an all-time low.
Whereas. WPL is now facing uncertain economic challenges due to a sustained flat property tax levy by the City and absent state funding of basic library/literacy programming.
Whereas. It is proposed that the WPL Foundation lift the restrictions on the basis that the true intent of the donors was to allow use of the funds in the future based on changing needs of the Foundation.