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Information Resources Management Association
Advancing the Concepts & Practices of Information Resources Management in Modern Organizations

Financial Resources Development for 21st Century Libraries

Financial Resources Development for 21st Century Libraries
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Author(s): Adaeze Nwona Nzewi (Nnamdi Azikiwe University, Nigeria)
Copyright: 2020
Pages: 17
Source title: Managing and Adapting Library Information Services for Future Users
Source Author(s)/Editor(s): Nkem Ekene Osuigwe (African Library and Information Associations and Institutions, Nigeria)
DOI: 10.4018/978-1-7998-1116-9.ch007

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Abstract

The basic purpose of libraries is to provide and meet the information needs of their real and potential user communities. Resources that include information resources and library professionals are needed for libraries to effectively fulfil the purpose of their existence. Most importantly, financial resources are critical for acquisition of information resources and ensuring that the human resources are up to date with developments in the information sector. The continuous introduction of new technologies, stagnant budgetary allocations, and the expectations of users – who have been conditioned by information availability on the internet – are putting undue pressure on libraries who need more funds to catch up with the technologies and increasing population of people who need information for daily activities. The chapter therefore explores new revenue streams for libraries such as grants, crowdfunding, and friends of the library. Having a financial resource development plan is also advocated for.

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