The New York Public Library’s endowment has topped $1 billion for the first time, but it needs to grow by another $400 million to compensate for setbacks over the past decade, according to the chairman of the library’s investment committee.
The endowment stood at $1.01 billion as of Oct. 31—a milestone celebrated Wednesday at a meeting of the library’s board of trustees.
The research library budget in 2002 was $112 million, which adjusted for inflation would be $145 million in today’s dollars, library officials say. Yet the research library budget today is $120 million—leaving a $25 million gap.
The library draws roughly 5% from its endowment each year, so an increase of $400 million to the endowment would generate $20 million in additional operating funds.
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