The EMPL Foundation, formed in 1997 for the purpose of managing gifts and bequests received by the library from supporters throughout the community, serves to support library projects that are not normally met by public funding.
Toward this end an endowment fund has been established to allow the community to assist in promoting literacy among children, developing a superior collection of materials, expanding technological services, establishing a community center, and funding innovative library projects.
GIFTS TO THE EMPL FOUNDATION may be made in cash or with other property. They may be present gifts or gifts to take effect in the future such as by a will either without restriction or subject to certain conditions. Gifts may also be the whole of the amount given or with part reserved or directed to other beneficiaries.
In addition to the satisfaction of making a contribution to the welfare of
the community, our tax system offers a bonus to supporters of the Foundation;
generally a tax reduction in one form or another.
A gift to the EMPL Foundation is an investment in the future of Monroe County ensuring that the tools for learning will always be available in our public library.
Before choosing the amount, the manner and the time of a substantial gift, the donor should consult with an advisor on taxes, investments, and legal matters to assist in selecting which of the various possibilities and forms is most suitable to one's wishes and financial position.
As to the tax advantages, a donation obviously reduces the size of the donor's
estate and consequently a saving of estate and inheritance taxes, and the amount,
with some limitations, qualifies for an income tax deduction as well.
A gift may be made in a manner or shape other than a mere transfer of property and nevertheless qualify for the tax advantages; for example:
A gift of the principal, retaining the income from property, or directing the income to a third party.
• A gift of the income, retaining the principal or directing the principal
to other beneficiaries.
• A gift with the reserved income stipulated to be more or less than the yield from the contributed property.
• A gift of an interest in a Trust, which in turn would have a variety of options. The Trust may be a previously existing Trust or a Trust created by the donor.
The donation of property which has a market value in excess of the donor's tax basis (known as "appreciated property") has a place alone when considering tax advantages. A gift of such property would have the usual consequence of a reduction in estate and inheritance taxes; and the income tax deduction is allowed in the amount of the market value of the property; and the appre¬ciation in its value escapes the capital gains tax which would be assessed if it were sold. Further, if the property yields a low return on its market value, say 3%, the gift can be made reserving an annuity of say 5%; in all, a gift, tax reductions, and an increase in income to the donor are possible.
Considering charitable contributions is often concurrent with the making of a will and one of the concerns at the time is the potential change in the total value of the estate. Using a percentage rather than a stated amount or as an alternative to the stated amount, may be a means of avoiding such a problem.
As one reviews all the ways of making charitable contributions, note the importance of advice from legal, tax, and investment professionals.
You can direct your gift to a specific section or activity at
the library. Please feel free to contact us to answer any of your questions,
explain the operation of the library, or to discuss the Foundation's goals.
YOU can make a difference in the future of our community—
Thank you for considering a donation to the EMPL Foundation.
c/o Eastern Monroe Public Library
1002 North Ninth Street
Stroudsburg, PA 18360