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 $5,000.
Other Ways to Give:
The following are other ways you may donate to the Library. Income from these funds will be used for current expenses unless otherwise specified.
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.
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.
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 gift while receiving a lifetime income.
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 Lead Trust
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.
Charitable Remainder Trusts - Life Income Plan
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.
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.
Gifts Of Closely-Held Stock
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.