Library receives $1.2M inheritance: Board hasn’t determined best ways to utilize money
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Ken Smith at Security Federal, the executor of the estate, contacted library board member and treasurer Steve Boyd last week to provide formal notification.
After some other bequests, Moffitt, who passed away in November 2003, had specified in his will that the balance of his estimated $2.8 million estate be divided equally between a MTSU scholarship fund for Warren County students and Magness Library.
Though library officials were told to expect in the neighborhood of $1 million, the final figure was around $1.2 million, according to Boyd. However, Boyd also said the final distribution of funds is still to come, and since the estate held back some money to cover expenses and fees, the library may actually receive more once the will is completely probated.
Library manager Mary Robbins reiterated the library’s appreciation of Moffitt’s generosity and obvious love of the establishment, which opened its doors in 1931.
“I’m grateful,” Robbins said. “That’s the thought that’s uppermost in my mind.”
Library board chairman Pat Bigbee expressed the board’s gratitude as well, but said there has been no decision on how the money will be utilized.
“The board of trustees of Magness Library is very grateful Mr. Moffitt chose to remember the library with such a generous bequest,” Bigbee said. “And we intend to be good stewards of his generosity. We want to use the money in ways that will be the most beneficial and long lasting for the library and the community. How to make use of such a large amount of money is not a decision that can be made quickly or easily. Much thought and planning will go into the decision.”
Bigbee said the unexpected windfall will give the library an unprecedented opportunity to make much-needed improvements that would have been otherwise impossible.
“It will become part of a long-range strategic plan that will position the library as a state-of-the-art facility, balancing cutting-edge technology with cultural and historic preservation and social responsibility,” Bigbee said.
But even though everyone involved is delighted with the potential benefits the bequest provides, some library supporters are concerned the windfall may be a bit of a double-edged sword. Since a good portion of the bequest will most likely be set aside for some major improvements and to provide a buffer for maintenance and repair on the aging building, Robbins wanted to make it clear Magness still needs the city and county’s financial support. The library will also continue its fundraising efforts.
“I’m continuing to search for and apply for grants,” Robbins said. “We still need memorial contributions. We still need the support of the community.”
Robbins pointed out how local libraries are one of the few truly democratic institutions left in our society, since people from all walks of life and financial status can use the facilities free of charge.
Boyd felt Moffitt, whose actions demonstrated how important he thought the library is to the community, would be disappointed to think his bequest might discourage further financial support.
“I think his intention was certainly not to replace funds that were coming in already,” Boyd said, “but to supplement what’s going on so the library can expand services and facilities.”