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Cash Gifts
The simplest method of giving is by personal check. Income
from your gift will be used for current expenses unless
otherwise specified. Your gift's income may be used to
purchase books, books-on-tape or other materials, to provide
children's after-school specials or preschool story times or to
provide new services such as Sunday hours. This type of
fund may be named for you, the donor, or for someone you love or
admire. Please note: to have a named endowment fund, the
gift must exceed $1,000.
Other Ways of Giving
The following are other ways you may donate to the Library.
Income from these funds will be used for current expenses unless
otherwise specified.
Appreciated Securities
A gift of long-term appreciated securities has two major
advantages: it provides the donor with an income tax deduction
and eliminates capital gains taxes to the extent allowable by
law.
Real Estate
A residence, forest land, or other real property may be given to
the Bangor Public Library as an outright gift, or, if you prefer
you may donate your home or other property to the Library but
retain the right to occupy the property for life. A gift
of a remainder interest in a personal residence provides the
donor with a current income tax deduction for the present value
of the remainder interest and also permits the elimination of
any capital gains taxes on the appreciation.
Tangible Personal Property
As with gifts of highly appreciated securities or real estate, a
gift of tangible personal property - such as works of art, rare
books, paintings, or antiques to the Bangor Public Library may
provide desirable charitable tax deductions. The allowable
deduction for a gift of such property is dependent upon an
appraisal and its related use.
Bequests
A provision for the Bangor Public Library in a will allows for a
substantial contribution without diminishing assets during one's
lifetime. Since bequests to the Library are deductible
from the estate, significant tax savings are possible.
Pooled Life Income Funds - Life
Income Plan
Gifts to one of the Pooled Life Income Plans available to the
Library are invested jointly with other gifts to these funds.
Income earned by the Funds each year is shared among the
participants proportionately. donors incur no capital
gains taxes on the transfer of appreciated long-term securities
to a fund and receive a charitable deduction for a portion of
the fit while receiving a lifetime income.
Charitable Lead Trust
Another method of giving to the Library for a term of years or
for the life of an individual is through a Charitable Lead
Trust. Income is paid to the Library each year during the
life of the trust. When the trust terminates, the assets
revert to the donor or another beneficiary.
Charitable Remainder Trusts -
Life Income Plan
An irrevocable trust may be used to provide the donor or loved
one with a fixed annual income or an income that varies with the
value of the trust. A portion of the trust qualifies for
an income tax deduction. At the death of the last income
beneficiary, the assets in the trust are distributed to the
endowment of the Bangor Public Library to be used as the donor
has designated.
Life Insurance
The gift of a life insurance policy to the Library provides the
donor with a charitable contribution for the present cash
surrender value; contributions made for premiums paid after the
transfer are also tax deductible.
Gifts Of Closely-Held Stock
A business owner may contribute closely-held stock to the
Library that will provide a current income tax deduction for the
fair market value of the stock, as well as the elimination of
capital gains taxes on the appreciated value. At a later
date the corporation may purchase the stock from the Library as
long as there is no obligation to sell the corporation.
The Bangor
Public Library is a 501 C (3) organization and, as such, gifts
are tax-exempt as provided by law. No gifts or services
will be given or will be granted to in consideration of this
gift.
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