Other Financial Support
You, our members, have a history of financial generosity. Often you donate beyond the basic membership fee. Usually you do so through simple, cash donations. We are grateful for this.
Did you know there are other ways to provide lasting financial support to the Friends of the Loveland Public Library Foundation? Most, but not all, of these ways relate to leaving a gift when you die. Most everyone knows that they may leave a bequest in their will or may ask that a memorial fund be established in their name. But you may also leave support by designating the Friends as a beneficiary (all or partial) to a life insurance policy, an individual retirement account (IRA), a 401(k), a 453(b) or a 457 plan (retirement or deferred compensation plans). Naming the Friends of the Loveland Library as a primary or secondary beneficiary for a fixed amount or a percentage of the value is a very easy thing to do.
Gift annuities and charitable remainder trusts are more complicated ways to give either before or after death (or both) that will necessitate consultation with financial professionals.
While still alive, you may wish to give appreciated securities held more than one year thereby avoiding capital gains tax and allowing you a tax deduction of the full current fair market value of the gift, subject to limitations that your tax adviser can explain to you. If you are over 70½, you can directly transfer IRA funds to the Friends of the Loveland Library without counting the donation as income. Because IRA owners who have reached age 70½ are required to take a minimum distribution from their IRA assets each year and count this as taxable income, the donation rule is attractive to those who wish to minimize taxable income. Again, discuss the details with your tax adviser.
However you make your gift, you have the assurance that it is very much appreciated and will be utilized effectively to promote the Loveland Public Library’s programs to advance literacy through our all-volunteer organization.