Ways to Support the Prescott Public Library
The role of the Friends of 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 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 does 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 are devoted exclusively to developing and augmenting library resources which are not otherwise provided for.
The Friends of Prescott Public Library is a 501(c)(3) public charity, as defined by the Internal Revenue Service. A gift to the Friends of Prescott Public Library is an enduring gift which creates a margin of excellence at Prescott Public Library 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:
Please visit our Book Sale for information about donations of books and other items.
You may choose to name the Friends of 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. Please consult your tax preparer to see if your charitable bequest is deductible from your gross estate. For additional information, see our list of Bequest Language Examples.
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 Prescott Public Library.
- 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 our 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 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 Prescott Public Library as irrevocable owner of the policy.
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.
If you choose to make an unrestricted gift to the Friends of 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.
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 Prescott Public Library qualifies for these matching gifts.
Memorial Book Fund Gifts
Memorial book funds may be set up in two ways:
- A memorial endowment fund may be established in the Friends of Prescott Public Library endowment, with the interest on these funds disbursed annually to purchase books as directed by the donor. Due to the costs of administering segregated funds, the minimum donation required to establish a memorial book endowment fund (as it is with all other separate endowment funds) is $5,000.
- Donations may be made by you, your business or your organization to the Friends of Prescott Public Library to make a one-time purchase of books or other library materials (as directed by the donor) in honor of those living as well as those individuals who live on in our memories.
Books or other library materials purchased as memorial gifts will carry personalized bookplates and will be shelved within new fiction and nonfiction. These memorial items may be checked out immediately.
The Friends of Prescott Public Library 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.
To make a gift to the Friends of Prescott Public Library or to the Prescott Public Library, please contact:
Prescott Public Library
215 E Goodwin Street
Prescott, AZ 86303