The Sheridan County Library Foundation (SCLF) is a 7-13 member board which performs fundraising in the private sector to: 1) establish an endowment for the long-term financial security of the library system; 2) raise funds for major expenditures, such as buildings, grounds, equipment; 3) provide funding for programs and materials outside of the library budget.

The Friends of the Library is a non-profit organization that exists to advocate for and promote use of the library, sponsor cultural and related programs, and provide direct financial support to the library. An annual membership fee is assessed. The Friends 12-member board organizes and hosts the annual Friends of the Library Auction. The Friends also host other fundraising events throughout the year. Monies raised by the Friends purchase books, videos, audios and equipment as well as provide financial support for programs and receptions not funded in the budget. Funds raised for the library by the Foundation and Friends are generally not included in the library budget, rather they are administered by the Sheridan County Library Foundation.

The Clearmont Community Center Foundation, a not-for-profit-board with IRS charitable 501©(3) designation, owns and maintains the Clearmont Community Center, which is home to the Clearmont Branch Library, as well as community meeting rooms. By written agreement the SCPL Board of Trustees reimburses the CCCF for a portion of the utility expense, and receives rent-free and maintenance-free space in the Community Center for the library.

In Story the incorporated, not-for-profit Story Library Board “owns” and maintains the Story Community Library Building. In 1963 land was given to the Story Library Board and with the help of volunteers a library building was erected. Sometime in the years hence, the county library system took over library operations, but the Story Library Board retained ownership of the building. In the mid 1990s the desire to match a bequest with Federal grant monies in order to fund remodeling and construction of an addition to the library necessitated transferring title to the property to the Sheridan County Library Board of Trustees. By agreement the property is leased back to the Story Library Board, which makes space available in the building for a branch library and community meeting room. The Story Library Board may request title to the property be transferred back if the Story community incorporates, or in the year 2017. The Story Board maintains the property and sets the policy for meeting room use, while the Sheridan County Library Board of Trustees governs the operations of the library. As part of the library operations, the SCPLS insures the building and contents, pays utilities and staff salaries, and purchases equipment, furniture, books and other library materials. SCPLS also pays Story $250/yr for use of the meeting room.

The Ranchester Town Council provides rent-free space in the Town Hall for a branch library. The Town Council also provides utilities and maintenance while the SCPLS pays for the other operational costs of the branch library.