Drake Community Library receives historic donation from Marilyn Peery estate

GRINNELL — The largest single donation in Drake Community Library history gives the library more than $1.2 million to use for immediate and future needs.

The gift, from the Marilyn Peery Estate, will be used to establish the Drake Community Library Board Endowed Designated Fund, housed at Greater Poweshiek Community Foundation.

Under the administration of the Foundation, the money will be invested as a long-term asset and annual disbursements will be made in accordance with the Foundation’s spending policy.

As an endowed fund, the library will benefit from this gift in perpetuity. The funds will be invested and earnings will continue to grow while annual disbursements not exceeding 5% of the corpus of the fund can be directed toward specific library needs.

The first disbursement, planned for April 2025, will support projects such as building repair, the development and design of a new website and construction of a ramp to make the north entrance more accessible to people with mobility issues.

Though the initial disbursement from the fund will support immediate projects, future disbursements from will allow library staff to develop initiatives and programming that support the library’s strategic plan.

According to a press release, Adrienne Hardin, president of the Drake Community Library board, said the gift could not have come at a better time.

The board recently concluded its strategic planning process, Hardin said, but it would have planned drastically differently if it had known the gift were coming.

The bequest was unexpected, according to the press release, and surprised the library and the City of Grinnell.

The Drake Community Library is seeking to memorialize Marilyn Peery in gratitude for her gift. Anyone who would like to share memories of her should contact Karen Neal at the library at 641-236-266 or kneal@grinnelliowa.gov or Amy Blanchard at Greater Poweshiek Community Foundation at 641-236-1561 or amy@greaterpcf.org.