Hypothetical Theater
WHEEL...OF...WINDFALL!!!!!
Hi, Pat SayJACK here...and it's time to play!
Here's the story: So...you work for a large university library and a flood has ruined a great many books stored offsite in a downtown warehouse. These are, uh, were, were not your most circulating titles.
The books were insured for a total of $4 Million...and now you've got a decision to make.
The question is...now you've got the insurance check, what do you do with the money? Replace those books?
Let's say the $4 Million represents the library budget for a month. I heard a unique answer to the question in my research this week.
The question remains...what would YOU do?
Well, I'll tell you what some bright Brits did. They didn't spend most of the money...they invested it and it's now returning the tidy sum of $120,000 annually (at present interest rates.)
25% was used to cover the cost of replacing selected items with new copies or better titles (needed to support current teaching and research.) Replacements will emphasize new electronic resources.
"Investing most of the money means that the capital is retained, thereby ensuring choice and flexibility for the future. The fund will be used by the Library to support the further development of electronic library services on a sustainable basis"
http://www.sussex.ac.uk/press_office/bulletin/29nov02/article11.shtml
Some folks at The University of Sussex are thinking about the future.
Hi, Pat SayJACK here...and it's time to play!
Here's the story: So...you work for a large university library and a flood has ruined a great many books stored offsite in a downtown warehouse. These are, uh, were, were not your most circulating titles.
The books were insured for a total of $4 Million...and now you've got a decision to make.
The question is...now you've got the insurance check, what do you do with the money? Replace those books?
Let's say the $4 Million represents the library budget for a month. I heard a unique answer to the question in my research this week.
The question remains...what would YOU do?
Well, I'll tell you what some bright Brits did. They didn't spend most of the money...they invested it and it's now returning the tidy sum of $120,000 annually (at present interest rates.)
25% was used to cover the cost of replacing selected items with new copies or better titles (needed to support current teaching and research.) Replacements will emphasize new electronic resources.
"Investing most of the money means that the capital is retained, thereby ensuring choice and flexibility for the future. The fund will be used by the Library to support the further development of electronic library services on a sustainable basis"
http://www.sussex.ac.uk/press_office/bulletin/29nov02/article11.shtml
Some folks at The University of Sussex are thinking about the future.
posted by Mr.Jack @ 9:27 PM
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