Suggestions for Personal Giving
Donations of Materials
Books, audiovisual materials, puzzles and other items, whether new or used, may be donated to the library. Materials not selected for use in the library’s collection will be sold at the Friend’s used book room. If requested, a letter of acknowledgement will be sent, stating the number of items donated.
Direct Monetary Donations
Donations can be made to the building fund, for the book collection, for equipment, or to sponsor library programs.
Memorial Contributions
Gifts ‘In memory’ or ‘In honor of’ a friend or a loved one are welcomed. Contributions can be made to purchase library materials, for activities, or to the building fund. Library staff will carefully select materials and a commemorative bookplate will be placed in each item.
Donation Trust Fund
Established as a tax-exempt, nonprofit organization, these funds are managed by the Board of Trustees who oversees expenditures. Income from the fund is used to enhance, enrich and supplement the quality and excellence of the Library. Donors may earmark donations for specific areas of interest.
Library Trust Funds
Some donors wish to create a perpetual base of support for the Library, or a special activity, such as children’s programs. With a minimum contribution of $25,000, individuals may endow a library trust fund where the principal remains intact to generate future income for their designated interests.
Friends of the New Hartford Public Library
The Friends of the Library have traditionally supported the Library donations and proceeds from various fund raising activities.
Library Legacy Society
Many people wish to leave a lasting gift to the Library they have used throughout their lives. Those who make a bequest or other planned gift to the Library are recognized through membership in the Library Legacy Society. As a member of the Legacy Society, you will receive recognition in the Library.
You can become a member of the Legacy Society by letting the Library know you are doing one or more of the following:
For additional information about becoming a member of the Library Legacy Society, please speak to the Interim Library Director, Anne DuRoss at 315-733-1535.
Bequests
Charitable bequests are an important part of estate planning. By leaving a bequest, you will have a lasting impact on generations of library patrons to come. Your taxable estate is reduced by a 100% deduction for a bequest amount and saves taxes whenever a taxable estate exceeds the amount offset by estate tax credits. Since the estate tax rate is progressive, the larger the estate, the more savings per dollar contributed. Bequests can be for a specific amount of money, securities, or other property, as well as residuary, to be paid after other obligations. If you wish to make a bequest to the Library, we suggest the following wording:
The [estate/trust] shall distribute [$ fixed amount or percentage] to the New Hartford Public Library to be used solely and exclusively for the benefit of the library or to [your choice of activity or program]. These funds should be used to enhance rather than replace Town funds budgeted for library services.
Lifetime Income
You may transfer assets – cash, securities, or real property – to a trust and provide a life income for beneficiaries. After the lifetimes of the recipients, the assets go to the New Hartford Public Library. Life income trusts can provide income tax deductions, capital gains avoidance, estate tax reductions; and income for life. Some forms of life income arrangements are unitrusts, annuity trusts and pooled income funds.
Lead Trusts
You may fund a lead trust with cash, securities, or real estate to provide the Library with specific payments for a set number of years, after which the property is transferred to your designee. You have the potential to save estate and gift taxes through this mechanism.
Donating Your Residence
You may receive an income tax deduction for donating your house or other real property to the Library, even when you and/or your spouse continue to live there for the rest of your life (lives) or a fixed number of years. You may also receive a deduction for a remainder interest in your residence, that the Library shares with other beneficiaries.
Donating Life Insurance
Your family may no longer have the same need for the proceeds of a life insurance policy that they once did. You may donate a fully paid life insurance policy to the Library and receive a deduction for the cost basis. You may also name the Library as a beneficiary of your policy; the latter does not result in an immediate income tax reduction, but qualifies as a federal estate tax deduction.