The earliest perpetual book fund at the Athenæum was established by the Philadelphia merchant John Livezey (1798-1878) who directed his $10,000 bequest "to be kept securely invested, and the income thereof to be forever applied to the purchase of useful books." Soon after (1884), the library received a similar legacy "to be invested and kept separate as the William Lehman Schaffer Fund and interest only to be used for the purchase of such books as are likely to have permanent value." Both Livezey and Schaffer astutely understood that a flourishing library must have "securely invested" funds to provide predictable income for acquisitions. Over the subsequent decades their funds have purchased thousands of volumes--each a reminder to readers of the donors' foresight and generosity.

This tradition of endowing named book funds continues into its second century at the Athenæum. Today readers establish funds in their own names or to memorialize a family member, to commemorate a special occasion or to honor a friend or beloved teacher, to encourage study of a special field of interest--architecture, fine and decorative arts, horticulture, American history and biography, for example--or to conserve rare books dating from previous centuries.

 Named book funds may be initiated with a tax-deductible gift of $1,500 and then added to from time to time with the understanding that the fund will ultimately accumulate to $5,000 or more. Book funds established by bequest--to which additional gifts of principal are unlikely--should have an initial capital of at least $5,000.

The Athenæum administers several million dollars in trust funds, and new book funds are invested to balance income and growth; a percentage of income is thereby reinvested as a hedge against the ravages of inflation. Realized income is then divided equally between the purchase of books and the expenses of selection, ordering, cataloguing, and processing. All funds are separately maintained and annually audited; they are not commingled with the Athenæum's general endowment.

Books acquired--or rare books conserved--with income from a named book fund are given an identifying bookplate specially created in collaboration with the donor, a designer, and the library staff. These bookplates are a permanent reminder of the donor's commitment tangibly to sustain The Athenæum of Philadelphia.

Persons or foundations interest in establishing perpetual book funds should inquire to the Executive Director, The Athenæum of Philadelphia, East Washington Square, Philadelphia, PA 19106-3794. Telephone: (215) 925-2688; facsimile (215) 925-3755.

Copyright 2008 The Athenæum of Philadelphia