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The E-Sylum:  Volume 9, Number 49, December 3, 2006, Article 6

EXECUTIVE DIRECTOR RESPONDS REGARDING LIBRARY BUDGET ISSUES

In response to a query by E-Sylum reader Nick Graver, American
Numismatic Association Executive Director Chris Cipoletti writes:

"The funds raised from the library book sale go to support the
library.  The library is not self sustaining and even with money
coming from the library book sale and other small donations, the
library does not generate enough income to operate without support
from other areas of the ANA.  So the book sale funds, even if more
than budgeted, help offset library deficits.

There is a budget for book purchases that is a part of our annual
budget and that allows for purchase of materials for the library
regardless of whether revenue projections for the library book
sale are met or exceeded.  This expense item is approved by the
board and is adjusted only by board action.

We are also planning a sale of duplicate materials from the library
in 2007.  The funds raised from that sale are projected to go into
the library fund (which is a part of what we call the endowment fund
managed by Sanford Bernstein, our investment advisors).  Unlike the
annual book sale in conjunction with Summer Seminar, which raises
funds to assist library operations, the rare book room sale is
designed to raise funds to support future purchases (capital for
example) and major initiatives of the library, not general operations.
I hope this helps explain the issue."

  Wayne Homren, Editor

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