Why Have a Foundation?
With tax caps, diminishing state and federal funds and increasing cost of materials and supplies, cutbacks are inevitable if new sources of funding are not developed. Our library Foundation was established in 2008 to provide a permanent source of additional financial resources for the library. The Foundation seeks private sector support to ensure the library continues to meet the needs of the community.
Do Foundation Funds Replace Current Library Funding?
Foundation funds will not replace, but will supplement, traditional income from local taxes, and state and federal sources. The Foundation offers individuals an opportunity to make a tax deductible donation, if applicable, to the library that will provide a perpetual source of income.
What Can You Do?
- Cash contributions are the most common way to give support.
- Last will and testaments may include the Foundation as a beneficiary. A specific amount of the money, property or a percentage of the residual estate can be gifted to the Foundation. This may result in significant estate tax savings and provide additional income to the beneficiary.
- Property donations include stocks, bonds and land. These often provide significant tax savings, including reduction or elimination of capital gains taxes.
- A Living Trust can be created in a last will and testament, which will provide the beneficiary with a lifetime income. Up on the death of the beneficiary, the remaining assets can be gifted to the Foundation.