Night at the Opera
May 8, 2017
 

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When you decide to make a gift to the Greenburgh Public Library Foundation, a member of the Foundation will help you plan your gift to accomplish your philanthropic and financial goals. In addition, we recommend that you consult with your attorney or accountant for the legal and tax implications of any gift you make to charity.


Many donors elect to make gifts for "the greatest needs of the Library.”  These are unrestricted or undesignated gifts, which allow the Library to fund various programs that reflect new community needs and priorities.  Unrestricted gifts also provide resources that allow the Library to respond to unanticipated needs.

When you make a restricted gift, you designate your contribution to be used for specific programs, items, collections, or services.  The designation may represent one or more of your particular interests or concerns, or you may want to designate your gift in response to a specific need in the community or within the Library.


You may wish to make a gift that will provide immediate benefits to the Library or you may want to consider creating an endowment fund.  With an endowment fund, your gift is invested to maximize its value over time.  Annual amounts are distributed as you have designated, while the fund principal remains to provide support in perpetuity.


The manner by which you choose to make a gift is a matter of personal preference and situation.

Cash Gifts:  Cash is the most popular type of charitable gift the Foundation receives. Cash contributions are deductible and result in federal and state tax savings.  Generally, the actual cost of your gift will be reduced by the tax benefit.  The higher your income tax bracket, the lower the net cost of your contribution.  Personal checks should be made payable to the Greenburgh Public Library Foundation.

Corporate Matching Gifts:  To encourage employees to make charitable gifts, many corporations agree to match personal donations with an equal or greater corporate contribution. In some cases, corporations also will match the gifts of retired employees. Check with your company's human resources department to see if your company has a matching gift program and to determine if your gift qualifies for a corporate match.

Gifts of Securities:  A transfer of securities to the Greenburgh Public Library Foundation allows you to make a gift and receive a charitable deduction equal to the full fair market value of the securities.  You pay no capital gains tax on your gift nor does the Foundation if it chooses to sell the securities.  The Foundation can provide you with more detailed information if you are interested in making a gift of securities.

Gifts of Property:  There are two major forms of property: real and personal.  Real property is simply real estate — a home, farm, or other land.  Personal property includes cash, securities, artwork, patents, copyrights, and other items that have a determinable value.


Deferred gifts are simply gifts that are made in the present and received by the Foundation in the future.  Some deferred gifts are straightforward, such as a bequest in a will.  Others are more complex, providing current tax benefits as well as life income for the donor and/or a beneficiary.

Gifts from Estate Plans (Wills and Trusts):  The most common form of deferred gift is a bequest from the donor's will. Charitable gifts made through a will are 100 percent tax deductible; no federal estate tax or state inheritance tax applies to such gifts.  A trust is a legal instrument that has a finite life. In estate planning there are two major types of trusts: the living trust and the testamentary trust.  The same basic ideas employed through a will can apply to charitable giving through a trust.

Charitable Remainder Trusts:  A charitable remainder trust is an irrevocable trust.  Under its terms, assets are transferred to a trustee, with income paid to one or more individuals for a predetermined number of years or for the lifetime of one or more individuals.  When the designated time has expired, the trust principal becomes the property of the Greenburgh Public Library Foundation and is used for the purposes specified.

Pooled Income Funds:  Pooled income funds are trusts made up of contributions from many donors.  Each fund agreement creates a number of units, and when you join the pool, your specified beneficiaries receive 100 percent of the income attributable to your share of the pool for life. Then, the principal becomes the property of the Greenburgh Public Library Foundation to be used according to your wishes.

Gifts from Retirement Plans:  Many individuals participate in various kinds of retirement plans: IRAs, Qualified Pension Plans, Keogh Plans, etc. In some cases, there may be significant advantages to using retirement plan assets for charitable giving.

Gift Annuities:  A gift annuity is a unique charitable gift among the life income agreements.  It is part gift and part purchase, with the gift part earning a charitable deduction for the donor, and the purchase portion creating a life income stream to the designated beneficiaries.


Other deferred giving arrangements include the following:

  • Life Insurance:  It is possible to contribute a policy of permanent life insurance to the Foundation.  This can be a fully paid policy that you have owned for many years or a new policy. If you choose to contribute a new policy, you can make a one-time payment to fund the policy or make annual premium payments.  When the policy is not pre-paid, your annual premiums are tax-deductible contributions to the Foundation.  In order for the gift to be completed, the Foundation must be both the owner and the beneficiary of the policy.  Upon the donor's death, the death benefit value of the policy comes to the Foundation for the purposes previously specified.

    When a donor names the Foundation as beneficiary of a life insurance policy without transferring ownership of the policy, there are no current tax benefits; however, there is a 100 percent estate tax charitable deduction for the death benefit amount.

 MAJOR FUNDRAISING OPPORTUNITIES *

No. of items

Investment Level

Children’s Room – Furniture & Furnishings

1

$  1,250,000

Meeting Room – Chairs, Carpet, Podium, Staging, Movie Screen, Multimedia Projection Equipment, Surround Sound Speakers, Room Darkening Window Coverings

1

$  1,000,000

Technology – Color Laser Printer, Listening Stations, Flat Screen Televisions

1

$  500,000

Stop & Go* Library - Express Service – Shelving, Seating, Wireless Internet Access, Self-Check Computers, Welcome Desk Stations, Signage

 

$  300,000

Sculpture & Art – for grounds and Library interior

 

$  200,000

Computer Training Center – Patron Computers, Trainer’s Computer, Multimedia Projector, Color Laser Printer

 

$  100,000

Audio Visual System throughout building – Public Address System, Security Cameras

 

$   80,000

Teenburgh Gift – Shelving, Seating, Tables, Projection Equipment, Neon Teenburgh Sign

 

$   75,000

Front Entrance Plaza – Benches, Foliage, Book Returns, Bike Rack, Trash and Recycling Receptacles, Lighting

 

$   75,000

Internet Computer Area – Computers, Color Laser Printer,

 

$   75,000

Children’s Garden – Seating, Signage, Sundial, Trees, Shrubs, Perennials, Privacy/Security Fencing

 

$   100,000

Young Adult Program Endowment – to sponsor outreach programs to teens

 

$   50,000

Collection Enhancements –
   Children’s Easy Reading Collection

 

$   30,000

   Parenting Collection

 

$   30,000

   Music Compact Disk Collection

 

$   30,000

   Audio Book Collection

 

$   30,000

   Local History Collection

 

$   30,000

DVD Collection

 

$   30,000

Magazine and Periodical Collection

 

$   30,000

Large Print Books Collection

 

$   30,000

Children’s Study Area – Seating and Tables

 

$   25,000

Adult 6-seat Study Tables

6

$   20,000

Pocket Kitchen – meeting room

 

$   10,000

Reference Staff Office

1

$   10,000

Children’s Librarian’s Office

1

$   10,000

LCD Wall-Mounted Screens

5

$   5,000

Video-conferencing equipment

1

$   5,000

Library Message Boards

4

$   5,000

Shelf Donations

Many

$   5,000


STOP & GO, INSTANT DROPOFF & PICKUP     STOP & STAY = Traditional Library

* Physical assets to have names attached must approved by the Library Board of Trustees.


Gifts from patrons and friends are among the Greenburgh Public Library's most vital resources.  With your help, the Library will remain an invaluable and unique center for literacy and life-long learning, with the highest standards of excellence for programs, services, and resources.  We thank you for your continued support and encourage you to
call on us whenever you have questions or need information about making a gift.

Greenburgh Public Library Foundation, Inc.
P.O. Box 151
Elmsford, New York 10523

 

YOU CAN MAKE THE DIFFERENCE.