GPL Foundation Website
To enable the Library to raise its level of service to full potential, the Foundation seeks to establish a permanent legacy for the benefit of the Library and the community.
Mission And Goals
The Greenburgh Library Foundation recognizes the Greenburgh Public Library as a uniquely valuable asset with the potential of becoming a central unifying factor for the entire Greenburgh community. Established in 1999, the Foundation is committed to dedicating all its efforts to ensure the continued health and vitality of the Library for the benefit of the people of Greenburgh.
Mindful of the public funding from the Town for the Library’s operating budget, the Foundation will endeavor to complement and enhance the Library’s ability to provide the highest and most meaningful level of service and resources to its constituency.
Foundation priorities include:
- Making it possible for the Greenburgh Public Library to function as a venue that will give the Town of Greenburgh a single, unified sense of identity and pride.
- Increasing/enhancing resources and services for young adults and children
- Ensuring equality of access to all resources for all citizens.
The Foundation will work with the Greenburgh Public Library to identify present and future needs. The Foundation will solicit donations, gifts, and grants to provide these needed funds on an on-going, long-term basis.
How We Operate
The Foundation is incorporated and registered with the Internal Revenue Service as a 501 (c) (3) tax-exempt organization. Funds, securities, or real property given to the Foundation are tax deductible. Gifts to the Foundation may be given for projects or purchases that will be of immediate use to the Library, or may be placed in an endowment fund. Donations may be made to:
Greenburgh Public Library Foundation, Inc.
Elmsford, NY 10523
What Is The Relationship Of The Foundation To The Friends Of The Greenburgh Library?
The Foundation and the Friends organization share the goal of the growth and development of the Greenburgh Public Library. The Friends continue in their role in providing volunteers, sponsoring programs, and funding special projects or formats.
When you decide to make a gift to the Greenburgh Public Library Foundation, a member of the Foundation will help you plan your gift to accomplish your philanthropic and financial goals. In addition, we recommend that you consult with your attorney or accountant for the legal and tax implications of any gift you make to charity.
Designating Your Gift
Many donors elect to make gifts for "the greatest needs of the Library.” These are unrestricted or undesignated gifts, which allow the Library to fund various programs that reflect new community needs and priorities. Unrestricted gifts also provide resources that allow the Library to respond to unanticipated needs.
When you make a restricted gift, you designate your contribution to be used for specific programs, items, collections, or services. The designation may represent one or more of your particular interests or concerns, or you may want to designate your gift in response to a specific need in the community or within the Library.
You may wish to make a gift that will provide immediate benefits to the Library or you may want to consider creating an endowment fund. With an endowment fund, your gift is invested to maximize its value over time. Annual amounts are distributed as you have designated, while the fund principal remains to provide support in perpetuity.
The manner by which you choose to make a gift is a matter of personal preference and situation.
Cash is the most popular type of charitable gift the Foundation receives. Cash contributions are deductible and result in federal and state tax savings. Generally, the actual cost of your gift will be reduced by the tax benefit. The higher your income tax bracket, the lower the net cost of your contribution. Personal checks should be made payable to the Greenburgh Public Library Foundation.
Corporate Matching Gifts
To encourage employees to make charitable gifts, many corporations agree to match personal donations with an equal or greater corporate contribution. In some cases, corporations also will match the gifts of retired employees. Check with your company's human resources department to see if your company has a matching gift program and to determine if your gift qualifies for a corporate match.
Gifts of Securities
A transfer of securities to the Greenburgh Public Library Foundation allows you to make a gift and receive a charitable deduction equal to the full fair market value of the securities. You pay no capital gains tax on your gift nor does the Foundation if it chooses to sell the securities. The Foundation can provide you with more detailed information if you are interested in making a gift of securities.
Gifts of Property
There are two major forms of property: real and personal. Real property is simply real estate — a home, farm, or other land. Personal property includes cash, securities, artwork, patents, copyrights, and other items that have a determinable value.
Deferred gifts are simply gifts that are made in the present and received by the Foundation in the future. Some deferred gifts are straightforward, such as a bequest in a will. Others are more complex, providing current tax benefits as well as life income for the donor and/or a beneficiary.
Gifts from Estate Plans (Wills and Trusts)
The most common form of deferred gift is a bequest from the donor's will. Charitable gifts made through a will are 100 percent tax deductible; no federal estate tax or state inheritance tax applies to such gifts. A trust is a legal instrument that has a finite life. In estate planning there are two major types of trusts: the living trust and the testamentary trust. The same basic ideas employed through a will can apply to charitable giving through a trust.
Charitable Remainder Trusts
A charitable remainder trust is an irrevocable trust. Under its terms, assets are transferred to a trustee, with income paid to one or more individuals for a predetermined number of years or for the lifetime of one or more individuals. When the designated time has expired, the trust principal becomes the property of the Greenburgh Public Library Foundation and is used for the purposes specified.
Pooled Income Funds
Pooled income funds are trusts made up of contributions from many donors. Each fund agreement creates a number of units, and when you join the pool, your specified beneficiaries receive 100 percent of the income attributable to your share of the pool for life. Then, the principal becomes the property of the Greenburgh Public Library Foundation to be used according to your wishes.
Gifts from Retirement Plans
Many individuals participate in various kinds of retirement plans: IRAs, Qualified Pension Plans, Keogh Plans, etc. In some cases, there may be significant advantages to using retirement plan assets for charitable giving.
A gift annuity is a unique charitable gift among the life income agreements. It is part gift and part purchase, with the gift part earning a charitable deduction for the donor, and the purchase portion creating a life income stream to the designated beneficiaries.
Other Deferred Giving Arrangements
Other deferred giving arrangements include the following:
- Life Insurance. It is possible to contribute a policy of permanent life insurance to the Foundation. This can be a fully paid policy that you have owned for many years or a new policy. If you choose to contribute a new policy, you can make a one-time payment to fund the policy or make annual premium payments. When the policy is not pre-paid, your annual premiums are tax-deductible contributions to the Foundation. In order for the gift to be completed, the Foundation must be both the owner and the beneficiary of the policy. Upon the donor's death, the death benefit value of the policy comes to the Foundation for the purposes previously specified.
When a donor names the Foundation as beneficiary of a life insurance policy without transferring ownership of the policy, there are no current tax benefits; however, there is a 100 percent estate tax charitable deduction for the death benefit amount.
Gifts from patrons and friends are among the Greenburgh Public Library's most vital resources. With your help, the Library will remain an invaluable and unique center for literacy and life-long learning, with the highest standards of excellence for programs, services, and resource. We thank you for your continued support and encourage you to call on us whenever you have questions or need information about making a gift.
Greenburgh Public Library Foundation, Inc.
Judy Chriss, Board President
Elmsford, N.Y. 10523
Please e-mail us at if you would like more information.
You Can Make The Difference.