The Warren Memorial Foundation was created in 1929 when a group of prominent citizens met with Portland Attorney Robert Hale to accept funds from the estate of Susan C. Warren for the purpose of maintaining a foundation for educational purposes, including the fine arts.
Although other activities have been supported, since 1929 the primary focus of the foundation has been the Warren Memorial Library. The library has grown from a small lending library to become a significant contributor to the community as a full-service library with programs for adults as well as children and students. As it has grown, so have its expenses.
While Foundation earnings have done quite well in comparison with the indices, it became apparent a number of years ago that without
exceptional contributions from stock market earnings it would be necessary to draw principal from the endowment to support ongoing library programs and staff. The board made the difficult decision last year to reduce staffing to a bare minimum to provide necessary services.
As we explored other alternatives to reduce expenses, it became apparent that ultimately our endowment fund is not going to be sufficient to meet the needs of funding a full-service library. We face the difficult truth that our major responsibility over the long term is to preserve the fund and its mission rather than to preserve a library. Recent changes in the economy and the resignation of the library director are accelerating the final decision to close the library at this time.
Our appreciation for the dedicated and professional service of the staff, the work of our volunteers, and the commitment of our supporters and patrons makes this decision exceedingly sad and difficult. We sincerely wish there were a viable alternative to closing, but we feel we must move forward to insure the mission of the foundation in supporting the arts and education in our community. By reducing our annual financial commitment and with changes in the economy, we believe the foundation should be able to serve the community and grow its resources as it has in the past.
In order to continue serving our varied constituencies, the foundation will need community advice and guidance. In March and April, the board will schedule focus group meetings with community leaders, nonprofit members, and professionals in arts and education. In the meantime, please send us your constructive thoughts on how we might serve our education and fine arts mission and continue to honor the legacy of the Warren family.
Bruce Saunders,
Warren Memorial Foundation board president
Send questions/comments to the editors.
