Support the Friends Foundation
The Friends Foundation is a non-profit corporation which partners with the City of Glendora to provide financial and volunteer support to enhance the services of the Glendora Public Library and Cultural Center.
Through a variety of fundraising events, with an increased emphasis on major gifts and planned giving, the Foundation is seeking to make possible the Library's plans for the next century.
"We want to give to organizations that touch people's lives and their souls. We feel that the library is one of the few organizations that does that."
Charitable Giving Ideas
For many, cash has been considered the only option for making gifts to charity. Cash is still the most readily available and convenient method for making regular gifts in response to annual appeals and special events. Cash gifts are deductible as full value for income tax purposes, limited to 50 percent of adjusted gross income in any one year, with a five year carry-over period for excess deductions.
Charitable gifts of stocks, bonds, shares in mutual funds, and other forms of investment securities are being considered by more and more donors when taking larger philanthropic actions. Major gifts are more easily considered by donors, particularly when appreciated in value over the term of ownership. The capital gains tax liability frequently acts as a deterrent to sale of the asset. An outright gift of securities to The Friends Foundation, on behalf of the Glendora Public Library, completely avoids the capital gain issue, and provides instead a charitable deduction for the present fair market value of the properties.
When considering how to make a major gift to the Glendora Public Library, some persons with limited discretionary cash resources are planning to make The Friends Foundation the beneficiary of a life insurance policy no longer needed for estate protection. A simple transaction facilitated by one's insurance professional can change the beneficiary designation. Ultimately, the death benefit value of the policy will come to the Library as a major gift.
- Charitable Trusts
There are both philanthropic and economic benefits to be derived from the use of a charitable trust. There are three basic categories:
- Charitable Remainder Annuity Trust (CRAT)
The donor establishes the CRAT, funds the trust with an appropriate asset (usually appreciated in value), and receives a fixed rate annuity income for a term of yours, or for lifetime. At the termination of the CRAT, the remaining trust principal is released to the charity(ies) named as "charitable remaindermen." A charitable deduction is generated, a guaranteed stream of income is received, and a major charitable gift made possible.
- Charitable Remainder Unitrust (CRUT)
As above, the donor established the CRUT, funds the trust with an appropriate asset (usually appreciated in value), and receives an income from the trust based on a fixed percentage of the trust assets, determined annually. The CRUT has, by design, a variable payout to the donor, linked to the asset management performance. There are many variations that can be utilized to meet the estate planning needs of the donor. Like the CRAT, the CRUT terminates at the demise of the trustors, and the trust assets are then transmitted to the named charitable remaindermen.
- Charitable Lead Trust
The donor creates a Charitable Lead Trust, places an asset in the trust, and determines either an annuity or unitrust interest that is paid out to the designated charity for a term of years. At the end of the term, the asset value reverts to the donor or distributes to one or several persons designated by the donor. The rules for Lead Trusts are complex and require careful structuring by legal counsel. The benefits go to both the charity (an annual cash income for a term of years) and the donor (an opportunity to pass assets to a third party) at the end of the term.
- Endowment Gifts
All categories of gifts may be directed to the Endowment for the Glendora Public Library. The Endowment provides a continuing stream of interest income to the Library for maintaining and enhancing the programs, services, and equipment which keep the Library at it's traditionally high levels of competence and appearance.
Consider endowing your annual contributions to the Glendora Public Library. Or, use the Endowment to permanently memorialize a loved one. Special interest areas within the many programs and services of the Library may also benefit from your designated gift made to the Foundation.
- Testamentary Bequests
Gift commitments can be written into one's Will or Living Trust. The size of the gift may be determined by a specific stated amount, or by a percentage of the estate residuum. In either case, the testamentary charitable gift may have a positive impact on the estate tax liability which may occur.
The Friends Foundation office can provide suggested paragraphs to be used to designate properly the Glendora Public Library in one's Will or Living Trust. These paragraphs have been reviewed by legal counsel, and will ensure faithful compliance with your wishes at the distribution of your estate.
- Gift and Donor Recognition
Every gift and every donor making a gift to The Friends Foundation / Glendora Public Library, receives appropriate recognition. The Foundation seeks to maintain and enlarge its relationships with donors, their families, and the organizations who generously support the Library. In various locations through the Library, you will see the names of friends of Glendora Public Library as a tribute to how they have contributed to its strength.
- Helpful Gifting Assistance
Through the Library Development Office, and the Friends Foundation volunteer board members, you may secure additional, more detailed information about the various forms of major and planned gifts that are available.
The Foundation's commitment is to respect the donor's interest as the essential basis for reviewing gift possibilities. What is best for the donor will, in the long run, become a possible gift to the Glendora Public Library.
For more information, please call the Library's Development Office at (626) 852-4872.