Go to:
Discussion
Online Doc
File
Poll
Event
Meeting Request
Suggestion
Melody Townley's picture

Stonewall Long Term Investment Fund

Date: September 22, 2015

To: Peter Coyl, Chair, GLBTRT, and GLBTRT Executive Board

om: Mike Morgan and Larry Romans

Re: Stonewall Long Term Investment Fund

We are both delighted at the success of the Stonewall Children and Young Adult Literature Award and pleased to be able to have funded the Award with our contributions to sustain the award. We are also honored that the award was renamed the Stonewall Book Award-Mike Morgan and Larry Romans Children’s and Young Adult Literature Award in honor of our gift to the endowment. The feedback, from inside and outside GLBTRT, from naming the award after us has been tremendously positive.

We are at a point where we are seriously considering another contribution to ALA and GLBTRT for the award.

There are two options that we are considering for the use of the contribution to the Stonewall endowment which we would like the Board to consider.

Increase the amount of the award to $1500.00 for each award winner; a total of $4500.00.

OR

Add an award under the Mike Morgan and Larry Romans Children’s and Young Adult Literature Award by having both a Young Adult category and a Children’s category. There would then potentially be four Stonewall Awards of $1000 each for a total of $4,000.

 

Rather than announce a new award for younger readers, given the lack of GLBT books for children and their sometimes poor quality, we could give the committee the option of giving two awards a year [youth and teens] or only one. The earliest any children’s award could be given would be 2016.  

 

Larry already has pledged $25,000 from his estate, which he could specify for the Stonewall Children’s Award, and Mike is ready to contribute another $25,000. We would like to work with the ALA Development Office to see if we can turn this into a matching contribution or if there is some other way to maximize the impact of this gift. If we decide on a matching campaign and the contributions don’t meet the matching, Mike and I are still committed to giving the entire amount.

Ann Symons thinks that we can accomplish both option 1 and 2:

The Stonewall Long Term Investment Fund, as of July 2015, is $236,234.  The RT board approved starting a transfer of $1,000 to start funding the awards, starting for 2016. The amount that can be drawn from the endowment is 4% of the rolling 20 quarter average. Right now, that amount for 2016 is $5,195. We

 

appreciate that the funds have been allowed to grow and that the awards have been funded to date from the GLBTRT annual budget. With the sale of the seals, both paper and digital, the RT’s finances have improved markedly.

The total cost per year if we both increase the award (option 1) and add a new category (option 2) would be $6,000. This is double what we are currently granting. Under these circumstances, we could take $4,000 from the RT budget, which would allow the long term investment fund to continue to grow and take the remaining cost ($2,000 in the years in which both Morgan/Romans categories are awarded) from the long term investment fund each year.

AttachmentSize
Morgan Romans Plan DRAFT2.doc27.5 KB