Thoughts on endowment fundraising for libraries

Purpose – Libraries rely on endowment revenue for collection development and general operating expenses. Endowment gifts, both for collection development and for general operating expenses, can be a significant priority for a library during this fund‐raising effort. As such, it is this column's goal to summarize the challenges and advantages of these endowment gifts, and strategies for endowment fundraising in libraries. Design/methodology/approach – Uses lessons learned by endowment efforts at the University of Pennsylvania Library, noting strategies that have worked. Findings – Endowments present unique challenges and opportunities. While their benefits to the library are often less understood and intangible, often they are more accessible to donors due to a low threshold for establishment and the flexibility to give over a period of years. Originality/value – Challenges and advantages are explored and strategies are offered to improve the effectiveness of endowment fundraising including marketing, challenge programs, and bequest encouragement.