The Library Foundation is a 501(c)(3) non-profit organization which depends entirely upon supporters, volunteers and donations. Unrestricted gifts provide the greatest flexibility and allow the Topeka and Shawnee County Library to continue to respond to emerging needs and opportunities. All contributions are greatly appreciated and are accompanied by an electronic or paper receipt for your tax deduction purposes.
Private gifts provide the level of resources necessary to ensure a quality library experience for everyone. Making an investment in your library is a critical part of supporting the library’s mission: Your place. Stories you want. Information you need. Connections you seek.
The Library Foundation
1515 SW 10th Avenue
Topeka, KS 66604-1374
GIFTS OF CASH – If you itemize on your tax return, cash gifts can be deducted. Gifts of cash are the most common method. Your check should be made payable to The Library Foundation.
APPRECIATED SECURITIES – Appreciated stock (held more than one year) makes an excellent gift. You avoid all capital gain taxes (generally 15% of the appreciation) and receive a charitable tax deduction for the stock’s market value at the time of transfer.
BEQUEST THROUGH WILL OR TRUST – One of the most simple and popular ways to make a gift that will live after you is to give through your will or trust. You can make a bequest to sustain the library by providing a dollar amount, specific property, a percentage of your estate, or what is left (remainder) to The Library Foundation. Such a designation can reduce your estate taxes. In many cases, a simple codicil to the will can add The Library Foundation and does not require rewriting your most recent will.
RETIREMENT ACCOUNTS AND PENSION PLANS – Retirement account funds (IRA’s or company plans) beyond the comfortable support of yourself or loved ones may be given to The Library Foundation by proper beneficiary designation. Large pension plan assets can be subject to double or triple taxation (federal income tax, state income tax, and federal estate taxes, if applicable.) These taxes can substantially eliminate the benefit to heirs if tax-wise alternative planning is not arranged.
CD’S, SAVINGS ACCOUNTS, BROKERAGE ACCOUNTS, CHECKING ACCOUNTS WITH P.O.D. PROVISIONS – P.O.D. stands for “Payable on Death”. You retain full ownership and full control during your life. At your death, the account balance is paid to your named beneficiary, The Library Foundation, immediately and without probate.
CHARITABLE REMAINDER TRUSTS (ANNUITY AND UNITRUSTS) – Donors and spouses can benefit from life-long payments from such a trust. The donor selects the rate of return from these income arrangements and also chooses a fixed or fluctuating annual payment to be made to the designated parties as long as they live. Estate and capital gain taxes may be completely bypassed and you will receive a current income tax deduction based on the age of the income recipient and the rate of return chosen.
GIFT OF LIFE INSURANCE – Insurance is another simple way to make a substantial future gift at a level that might not be possible with a cash gift. Name The Library Foundation as the owner and beneficiary to receive the proceeds of an existing life insurance policy. You will receive a tax deduction for approximately the cash surrender value, thereby reducing your tax liability in the year of the gift. An alternative is to simply add The Library Foundation as a revocable beneficiary. You retain the right to change this designation, but in this instance, you receive no income tax deduction.
GIFT OF REAL ESTATE – For some individuals, a gift of land, a house, or vacation home is a preferred way to make a gift. You will receive a tax deduction for the full market value, avoid all capital gain taxes and remove this asset from future estate taxes. One option is to give real estate retaining a life tenancy. This provides a substantial income tax deduction by giving (deeding) your property to The Library Foundation now. You continue to live there, maintain the property as usual and even receive any income it generates. At your death, the property will be sold and the proceeds used to support the library.
IN HONOR/MEMORY – The Library Foundation welcomes gifts honoring or memorializing you or someone you love. With a gift of $15,000 or more, a permanent named fund may be established. Only the income will be used. The principle is kept intact to assure an enduring legacy. You can perpetuate the values that are most important to you.