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Endowment transferred to foundation

Dec 13, 2012

Endowment transferred to foundation

In the late 1970s, longtime McMinnville Public Library patron Robert Lanouette passed away.

She left an endowment for the library that is currently valued at $23,230. A longtime writer for Walt Disney children's productions, she stipulated that the principal be left untouched and the interest be spent on children's programs.

At the time, the city lacked an organization to handle such endowments, so the money went to the city.

On Tuesday, the McMinnville City Council formally transferred it to the Library Foundation, specifically created to handle such funds.

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