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Support Prescott Public Library
Book sale income, donations, and other contributions to the Friends, fund a variety of projects, including:
Children’s reading programs & special events
Chamber music concerts
Author talks and book signings
Special collections of books & DVDs
Purchase of new furnishings and library shelving
And many more – the Library Lion and Library Lizard sculptures, a passive water catchment system, the Beyond Words mural, Live Homework Help, Spotlight on the Stars to name a few.
The Friends also accept and administer bequests of funds given to benefit the library.
Membership dues, donations of books and magazines, contributions and bequests turn into countless library services and Friends of the Prescott Public Library programs.
To make a donation to the Friends, checks can be mailed or dropped off at the Prescott Public Library, 215 E. Goodwin Street, Prescott, AZ 86303
The role of the Friends of the Prescott Public Library is that of a catalyst, matching the special interests of potential donors with specific Library needs.
The funds and management of the Friends of the Prescott Public Library exist separate and apart from the City of Prescott and its appointees. The Friends organization is committed to building a greater library, but it will not use funds it raises to meet library needs that are traditionally the responsibility of the City of Prescott (i.e. personnel & operations). Rather, Friends resources will be devoted exclusively to developing and augmenting Library resources which are not otherwise provided for.
The Friends of the Prescott Public Library is a 501(c)(3) public charity, as defined by the Internal Revenue Service. A gift to the Friends of the Prescott Public Library is an enduring gift which creates a margin of excellence in the Library system for all the citizens of our community. Many gifts offer significant tax benefits to the donor, and can be made through one or more of the following programs:
Bequests
You may choose to name the Friends of the Prescott Public Library as a beneficiary in your will. A charitable bequest for the Friends can be included in your will when it is written or revised or it may be added through a codicil, a separate document amending your existing will. All charitable bequests are fully deductible from your gross estate so are not subject to estate taxation.
Bequest Language Examples
How to Include the Friends of the Prescott Public Library in Your Will
The following examples illustrate a variety of bequest techniques. You should consult an attorney to adapt this language to your individual circumstances as part of your overall estate plan.
A specific bequest is a gift of a particular dollar amount or a particular piece of property. For example:
“I bequeath [dollar amount or description of property] to the Friends of the Prescott Public Library, a nonprofit corporation whose address is 215 E. Goodwin Street, Prescott, Arizona, 86303.”
A residuary bequest is a gift of all or part of the property remaining in your estate after debts, expenses, and specific bequests have been paid. When you use a percentage instead of a specific amount, your gift will stay relatively the same in proportion to your entire estate, regardless of unexpected increases or decreases in its value. For example:
“I give, bequeath, and devise [all, or ___percent of] the rest, residue, and remainder of the property, both real and personal, wherever situated, which I may own or be entitled to at my death, to the Friends of the Prescott Public Library, a nonprofit corporation whose address is 215 E. Goodwin Street, Prescott, Arizona, 86303.”
A contingent bequest is a gift that takes effect only if the primary beneficiary or beneficiaries of the bequest predecease you. For example:
“If neither my spouse nor any descendant of mine survives me, then I give, bequeath, and devise all the rest, residue, and remainder of the property, both real and personal, wherever situated, which I may own or be entitled to at my death, to the Friends of the Prescott Public Library, a nonprofit corporation whose address is 215 E. Goodwin Street, Prescott, Arizona, 86303.”
As in the examples provided above, the Friends full legal name is the Friends of the Prescott Public Library. The Friends legal address is 215 E. Goodwin Street, Prescott, Arizona, 86303; the Friends Federal Tax Identification Number (TIN) is 23-7088943.
Endowments
Individual endowments (permanent funds for support) can be established for an appropriate purpose requested by the donor ($5,000 minimum donation) or directed to the general endowment fund which supports all divisions of the library system.
IRA Distributions:
• If you plan to use some or all of your IRA funds that you must withdraw after age 70 ½, you are able to request that your IRA administrator send a check for whatever amount you wish to give directly to a charity. In doing so you will not have to pay tax on that distribution if it is sent directly to a charity.
• If you had plans to sell investments of stock in order to contribute to a charity, again, it may be wise to donate that stock to the charity directly and you will not be taxed on it. It is important that you have a conversation with your financial advisor and your tax preparer as to what the next step should be in your charitable giving.
•As with any changes or questions about income tax rules, we offer the reminder that you speak to your tax preparer regarding your personal income tax circumstances.
Planned or Deferred Gifts
This type of contribution is planned during the donor’s lifetime with the resulting benefit to the Friends of the Prescott Public Library deferred until a future date. The donor can benefit from lowered estate taxes in some instances with this plan.
Gifts of Insurance
Life insurance may be a current or deferred gift. A paid-up life insurance policy can be transferred to the Friends of the Prescott Public Library as irrevocable owner of the policy.
Trusts
Charitable lead trusts or charitable remainder trusts are excellent vehicles for significant giving and can offer major tax benefits to donors. Please secure professional advice prior to making any commitments to insure the best possible result for your generosity.
Unrestricted Gifts
If you choose to make an unrestricted gift to the Friends of the Prescott Public Library, the funds would be utilized for either immediate or long range Library needs in accordance with guidance provided by the Library Director.
Matching Contributions
Many employers have programs that match employee contributions to eligible charities. These programs multiply the impact of your gift. In most cases, the Friends of the Prescott Public Library qualifies for these matching gifts.
The Friends of PPL appreciate your donation in helping to provide programs, materials, and books. We hope that you will continue to support the library through donations to the Friends of the PPL.