Calculating Your Library’s Value

3 Responses to Calculating Your Library’s Value

1. Jo Shimmin says:

   June 25, 2008 at 8:15 pm

   What about the values for academic libraries? I would like some assistance calculating the value of our collection.

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2. John Felton says:

   June 27, 2008 at 2:15 pm

   In our research on public library ROI at the Nebraska Library Commission, we found almost no references to similar studies being conducted for academic libraries. One article about the relationship between library expenditures and student retention appeared in the 2007 issue of The Journal of Academic Librarianship (http://libraryconnect.elsevier.com/lcn/0601/lcn060107.html). And, a research study in 2007 at the University of Illinois/Urbana examined the return in investment in terms of grant funding generated (http://www.info.scopus.com/researchtrends/archive/RT4/INDEX.htm). It’s apparent that more work needs to be done in this area for academic libraries.

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3. Mary Jo Ryan says:

   July 28, 2008 at 10:42 am

   “…for every $1 spent on the library, a community sees an average of $4 in return”
   (from http://www.slpl.lib.mo.us/libsrc/resresul.htm)
   If you have heard this kind of statement and wondered how to calculate the return on the investment your community makes in your local library, this training is for you. Return on Investment (ROI) information can be an extremely useful tool for communicating the role the library plays in the economic and social health of the community. ROI is a performance measure used to evaluate the efficiency of an investment. The Nebraska Library Commission Wiki (http://www.nlc.state.ne.us/wikis/roi4libraries) provides additional information on how ROI can be used to value library services and to communicate that value. Workshops will be held at the following locations:
   • August 18–Keene Memorial Library, Fremont
   • August 19– Grand Island Public Library
   • August 20– Norfolk Public Library
   • August 22–Scottsbluff Public Library
   NOTE:
   Please plan to attend this training as a community team and register team members individually.
   There is no charge for this training.
   Lunch will be provided to all participants.
   Mileage reimbursement will be provided for team carpools.
   Register: http://www.nlc.state.ne.us/training/train.asp, search on ROI
   About the Workshop:
   During the week of August 18, 2008, Keith Curry Lance will tour Nebraska, offering four one-day workshops on how to conduct a return on investment (ROI) study for your public library. This event will review ROI studies completed for other states and communities, showcasing what they have in common as well as what sets each apart. Participants will receive confidence-building, hands-on training in how to collect and analyze local data on several aspects of contingent valuation, including: cost to use alternatives, value of lost use, direct local expenditures, compensation of library staff, and halo spending. Participants will be introduced to several interactive online tools, and will be guided in how to assemble required library data and how to begin customizing an ROI patron survey to their own local needs and clienteles. Recommended strategies for sampling library users and administering the patron survey will be shared, and participants will begin to consider how to implement them in their own communities. An Excel spreadsheet to facilitate necessary calculations based on local library data and patron survey results will be introduced. Examples of options for reporting and using the local library’s ROI study results will be presented. After the workshop, Lance will be available to advise and assist staff at any participating library that chooses to conduct its own ROI study.
   This training is aimed at library-initiated teams of community members who are interested not only in promoting the value of their public library, but also in building future financial support for the library. This training is funded through a “21st Century Librarian” grant to the Nebraska Library Commission from the federal Institute of Museum and Library Services. It is designed to help generate local support and employment opportunities for the next generation of Nebraska librarians.
   About the Presenter:
   Keith Curry Lance is a Consultant with the RSL Research Group based in suburban Denver, Colorado. He was the founding Director of the Library Research Service of the Colorado State Library and the University of Denver Library and Information Science Program. For more than twenty years, he has conducted internationally-recognized research on the impact and value of library services; advised state and federal agencies on library data collection; and taught LIS courses, conference sessions, and continuing education workshops on research and statistics-related topics.
   ALSO PLEASE NOTE:
   The 2008 Rural Philanthropy Conference, presented by the Nebraska Community Foundation, September 10-12 in Nebraska City would be a great follow-up to the ROI training. The Nebraska Library Commission will fund a few library/community teams to attend this conference. For more information see http://www.nebcommfound.org/RPC/2008RPC.htm or contact Mary Jo Ryan,
   Nebraska Library Commission Communications Coordinator, 402-471-3434, 800-307-2665,
   e-mail.

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