Gifts of Cash
Gifts of Cash to the Utica Public Library can be used to support the Library’s general operating expenses or can be restricted to support a specific program or aspect of the Library.
If you itemize your taxes, you can lower your income taxes simply by writing us a check. Gifts of cash are fully deductible up to 50% of your yearly income, and excess donations can usually be carried over the following years. Gifts of cash should be made with a check or money order.
A bequest is a direction in a will to pay over or distribute personal property. You can establish or add to a named fund in your will or trust through a bequest to the Utica Public Library. Your gift can be used for general operating expenses, building renovations, or to support programs for patrons in the Library.
Life insurance can be a valuable tool in estate planning. By naming beneficiaries on policies, the proceeds can be paid directly to that person or organization without having to go through the probate process. Life insurance offers a wonderful way to make a charitable gift. It is possible to make gifts with “paid-up” policies, policies with premiums still due, policies where you can retain the right to a policy’s cash value, or by assigning the dividends in a participating policy.
A gift annuity is an irrevocable charitable contribution that provides you with annuity payments for the rest of your life, while also providing vital financial support to the Utica Public Library. If you’re at least 60 and have a minimum of $5,000 to contribute, a gift annuity may be for you. Depending on your age, a gift annuity may have a higher rate of return than a savings account.
Charitable Remainder Trusts are irrevocable trusts that provide an income for a predetermined number of years or the lifetime of a donor. When you (and your spouse, if married) pass away, the Utica Public Library will receive the principle of the trust. A charitable remainder trust can be used to help augment your current retirement plan.
A Charitable Lead Trust provides income to the Utica Public Library during your lifetime. Upon the trust owner’s death, named beneficiaries, such as children and grandchildren, receive the bulk of the trust’s assets.
For more information, or to request an informational brochure on planned giving opportunities with the Utica Public Library, contact:
- Darby O'Brien, Director at (315)735-2279 ext 202 or E-mail.
- Sara Billman, Assistant to the Director at (315) 735-2279 ext 217 or E-mail.