...ensuring the library’s future
The library is a 501 (c) (3) non-profit corporation, and all donations to the library are tax deductible. We appreciate your support!
In addition to annual gifts from generous donors, income from invested reserves (including an endowment) also covers about 15% of the Library’s operating costs each year. These earnings help reduce our dependence on fund-raising, grants and town appropriations, and ensure long-term financial sustainability.
In 2025 we are focusing specifically on growing our building maintenance fund to keep our 20-plus-year-old building in great shape. [A generous donor has offered to match contributions to this fund up to a total of xxxx].
You can leave a lasting legacy by helping grow the Craftsbury Public Library’s invested reserves and its building maintenance fund. Here are some ways to give for the long-term. Please consult with a financial advisor to find a strategy that works for you.
Tax-smart giving for the near term: You have some assets that exceed your immediate needs and would like to put them to good use while minimizing income tax implications.
Appreciated stocks: You bought 100 shares of XYZ Inc. in 1990 that is now worth 10 times what you paid for it. Rather than sell the stock, you can donate it to a qualified charity which will benefit from the entire current asset value. You will also avoid a hefty income tax bill, and can deduct the value of the gift for income tax purposes.
Qualified charitable distributions from IRAs: During your working life you have contributed to an Individual Retirement Account or made pre-tax contributions to a retirement account through your employer. Once you reach age 72 or 73, the IRS requires that you withdraw certain amounts (required minimum distributions) from those accounts each year. If you designate a qualified charity to receive a portion of your IRA distribution, you will owe no income tax on that amount and the entire amount will support the charity of your choice. (Some other types of retirement accounts can be rolled over to an IRA to take advantage of this strategy.)
Make a major lasting impact: You want your legacy to include long-term support for the causes you care about.
Bequests: You can include the Craftsbury Public Library in your will or trust. It’s never too early or too late to write a will. Trusts are a bit more involved to set up but can minimize the complexities of probate to ensure your wishes are carried out.
Beneficiary designations: You have a retirement account and a life insurance policy that may be subject to estate tax and will complicate probate for your heirs. You can designate charitable beneficiaries directly, and changing these as your wishes and needs evolve is a much simpler process than amending a will or trust.
