508.487.7094
WAYS OF GIVING
to the
LIBRARY CAPITAL
BUILDING CAMPAIGN
The
following is a guide prepared for donors of the Provincetown Public
Library.
Its
purpose is to describe the several opportunities available for strengthening
the
Library’s
financial resources through private gifts, grants, pledges and expectancies,
all
of which are tax-deductible.
Three principal Funds have been created to support the Library’s $4 million Capital Building Campaign.
Gifts to each are tax-deductible
to the fullest extent of Federal and State law.
For
donor reference purposes, the federal filing Employer Identification Number (EIN),
DLN
Number, and/or applicable source of information is noted for each Fund.
This income-producing Fund has been established by
the Board of Selectmen
upon recommendation of the Library Trustees in the
Town of
Office of the Treasury.
Checks may be made payable to the
“
and mailed to or left in the Lock Box in the foyer
of the Provincetown Public Library,
Cash receipts may be obtained from the Capital
Campaign Office at the Library,
or by calling the Library Director at 508.487.7094.
The Town’s Federal Employer Identification Number
(EIN) is 04-7001246.
The Board of Library Trustees has established this
income-producing Fund
at the Cape Cod Foundation (CCF), formerly the Community
Foundation of Cape Cod.
Checks may be made payable to the “
and mailed to or left in the Lock Box in the foyer
of the Provincetown Public Library,
The CCF’s
Federal Employer Identification Number (EIN) is 510-140-462.
For a copy of the CCF’s Audited Financial Statement, please call the
Foundation office
at 1-800-947-2322.
The Board of Library Trustees has established this
income-producing
Endowment Fund at the Cape Cod Foundation of Cape
Cod (CCF), formerly
the Community Foundation of
The objective of this Donor Advised Fund for which
the Board of Library Trustees are
the Advisors, is to provide a future stream of
income for the continued development and support of the Library beyond the
normal services and annual financial support provided
by the Town of
Checks may be made payable to the “
and mailed to or left in the Lock Box in the foyer
at the Provincetown Public Library,
For more detailed information regarding this
Endowment Fund, please contact
the Board of Trustees at the
For a copy of the CCF’s Audited Financial Statement, please call the office
at
1-800-947-2322.
In
addition, a long-established ongoing Fund is available to support the operating
aspects of the Library Capital Building Campaign through the Supporters of the
Provincetown Public Library.
Supporters of the
The Supporters of the Provincetown Public Library
first organized in 1995 and,
in 1998, was recognized as a 501(c)(3) nonprofit
corporation with the objective
of encouraging gifts to the Library which would
provide direct financial assistance
for the purchase of items and other purposes not
covered in the regular budget.
Contributions to the Supporters may be made to
provide operational support for the Library Capital Building Campaign. Funds are held in CDs and in a cash account
at a local bank
for immediate access.
Checks may be made payable to the “Supporters of the
and mailed to or left in the Lock Box in the foyer
of the Provincetown Public Library,
The Supporters’ Federal Employer Identification
Number (EIN) is 04-3247274.
The Supporters’ DLN # is 17053135616038.
Further information regarding the organization may
be obtained by calling the Library
at 508.487.7094.
Bequests – The Donor may make a provision in her/his Will or
Living Trust for a gift
to one of the Library Gift Funds. This is perhaps the simplest form of Planned
Giving.
Charitable Gift Annuities/Pooled Income Funds – The Donor receives a
lifetime income from the gift to the Provincetown Public Library. Following the Donor’s death, the unused
portion of the gift remains with the chosen depository such as the Cape Cod
Foundation, as a permanent Fund to support the Donor’s charitable purposes in
the name of the Library.
Charitable Remainder Trust – The Donor transfers property
to a Trust that pays the Donor or another beneficiary a fixed or variable
income for a fixed amount of time. When
the Trust expires, the remainder is used to establish a permanent Fund in the
Donor’s name with distributions directed to the Library.
Gift
of an Individual Retirement Account – Designating the Library as the
beneficiary
of an IRA is an excellent
way for a Donor to make a gift to the Library using an asset
that otherwise might be
heavily taxed.
Life Insurance – The Donor names the Board of
Library Trustees as the owner and
Beneficiary of a new or
existing life insurance policy. The
Donor receives a current
income tax deduction.
While these are the most
common ways for individuals to make Planned Gifts, other forms
of Planned Giving are
available. The Library Trustees, in
consultation with the Staff of the
Cape Cod Foundation and
appropriate others, are creative and flexible in accommodating
Donor needs and are pleased
to discuss Planned Giving options with you or your professional
advisor. Sample documents are available from the
Trustees at the
appropriate Fund as described above.
a
pledge or promise to contribute an amount of money with a chosen stated ‘date
due’.
All In-Kind Gifts are
subject to review and acceptance by the Board of Library Trustees.
If acceptance of the Gift is
made, the Trustees may determine the fair market value (FMV),
thus accepting a
responsibility for correctly understanding the cost or selling price, sales
of compatible properties,
replacement cost, expert opinion and providing the donor with
a value on the gift. The Donor may also determine the FMV to
her/his satisfaction.
By maintaining a position
that the Donor assumes responsibility for determining value based
on IRS information, she or
he takes responsibility for assuring documentation that will verify
the value of the
deduction. Any tax reporting penalty
becomes the sole responsibility of the
Donor. The IRS publication 561 Determining the
Value of Donated Property should be used
for In-Kind Gift reference.
* NOTE: The
It accepts charitable gifts from individuals,
families, organizations and businesses on behalf of entities such as the Board
of Library Trustees. It is one of a
network of hundreds of established community foundations across the
The CCF provides professional money management
services without the usual costs and administrative red tape. The charges include a modest annual
administrative fee of one percent of the Fund’s fair market value.
Because the CCF is a public charity, all donations
earn the maximum available
deduction.
All assets are professionally managed according to investment
policies established by the CCF Board of Directors.
Funds benefit from being pooled and invested with
the Foundation’s $14 million in assets, resulting in lower management fees,
greater investment diversification, and minimized investment risks. The pooled funds are currently managed by
State Street Global Advisors.
** NOTE The “
and invested, the earnings from which are applied to
purposes determined by the Trustees.
Endowment funds are tax-deductible gifts made to the
Fund with restrictions that the principal be held in perpetuity and not be
expended, or be retained only for a specified
period of time in the case of extreme emergency as
determined by the Trustees.