PORT HENRY - The Adirondack Community Trust has announced the establishment of the Sherman Free Library Endowment Fund.
The fund facilitates private giving and helps to build a strong financial base for the future of the Port Henry library, which serves over 5,000 residents with approximately 10,000 books for both adults and children.
The Sherman Free Library opened on Jan. 17, 1887.
George Riley Sherman, partner in the Witherbee & Sherman Mining Company, provided $7,700 to build the library and stock it with 3,000 volumes. He stipulated that the library would be free to every person residing within the village limits. Today, the library serves the entire town of Moriah and its visitors.
Bill Bryant, president of the library board of directors, said "Through this partnership with ACT we will assure the long term viability of George Sherman's endowment. ACT will be able to assist donors in establishing gift giving plans for the library."
Sherman gave an endowment of $10,000 to be used to maintain the library. In 1901 the library received a further endowment of $10,000 from the will of Jane H. Sherman.
The library is currently supported by the Sherman Trust, the town of Moriah, the village of Port Henry, the Clinton-Essex-Franklin Library System and donations from the local community.
Today there are 10 trustees including the mayor of Port Henry and the Moriah supervisor.
"ACT is honored to be working with the Sherman Free Library to administer a vehicle for long-term endowment building that will help ensure a vibrant future," said Executive Director Cali Brooks. "We know the important role libraries play in the health and vitality of our local communities."
The Sherman Free Library Endowment Fund is an Organization Fund, which is a vehicle for a nonprofit organization to establish an endowment fund within the Adirondack Community Trust, the community foundation serving the Adirondack region.
Many organizations partner with ACT to provide long-term consistent stewardship and investment management of their endowments. ACT provides investment and management expertise allowing the board to focus on the core mission of the organization.
Contributions to the Sherman Free Library Fund are accepted on an ongoing basis.
For more information on the library write 20 Church St., Port Henry 12974, call 546-7461 or visit www.ShermanFreeLibrary.org
ACT can be reached at PO Box 288, Lake Placid 12946, by phone at 523-9904 or online at www.GenerousACT.org