What to Give

CASH

This is the simplest way to make a big difference for the library. A gift of cash today provides a charitable tax deduction for you in the current tax year. Gifts of cash include currency, personal check, money order and/or wire transfers.




GIFTS-IN-KIND

Among the many types of gifts-in-kind significant for the library are new and used books as well as new and used dvds. When used books and dvds are donated, the items will be reviewed for inclusion in the current collection. The library reserves the right to add gift items to the collection or to sale them. The revenue from sales will be used to purchase additional resources for the library. Gifts-in-kind of books and dvds with a value less than $5,000 will be accepted directly by the PCB Library.

Gifts-in-kind in excess of $5,000: Because a gift-in-kind with a value of $5,000 requires special acceptance procedures and processes, the Board of Directors of the PCB Library Foundation will consider each gift-in-kind and make a decision prior to acceptance. Also, the donor should be aware of the IRS Form 8283 required for gifts-in-kind with appraised values of $5,000.

GIFT OF APPRECIATED STOCK

By giving appreciated stock, you can avoid capital gains taxes that would be due as a result of its sale. Donors should consult their professional advisors before donating securities. Stock may be transferred directly to the PCB Library Foundation account at a local financial institution.  Please notify the Foundation for details about transferred stock to this account.

GIFT OF REAL ESTATE

A home…a condominium…a ranch…a cottage. Because each gift of real estate is unique, the Foundation advises donors to: 1) consult with professional advisors first and 2) inquire about donating real estate to the library secondly. A gift of real may have several benefits for a donor: charitable deduction for the fair market value (not the original value); substantial tax advantages; reduction in the size of your estate.

BEQUEST BY WILL

By naming the PCB Library Foundation, Inc. in your will, your estate will receive an estate tax deduction equal to the value of the bequest. The bequest may be given as a stated dollar amount, a specific property, a percentage of your estate, or made contingent upon certain events. First, contact your professional advisor about a bequest to the library and, then call the Foundation regarding the language, correct name and address of the PCB Library Foundation.

GIFT OF LIFE INSURANCE

Life insurance is a simple way for you to give a significant gift to the library and create your legacy. You can make a gift of life insurance when the policy is no longer needed for personal financial wealth replacement. You can give a paid-up policy by naming the PCB Library Foundation as the beneficiary. Or you may continue to pay premiums on an existing life insurance policy and name the Foundation as the beneficiary. You may receive a number of tax benefits including reduced estate and income taxes. Donors should consult with their professional advisors before donating a life insurance policy.

CHARITABLE REMAINDER TRUSTS

Under the right circumstances, and by planning with your professional advisors, a charitable remainder trust can increase your income, reduce your taxes and alleviate investment worries. Not only will you be planning for the future of you and your family, but you will be planning for your community. A donor should consult a professional advisor prior to establishing a charitable remainder trust.

IRA CHARITABLE ROLLOVER

The American Taxpayer Relief Act of 2012 (signed January 1, 2013) extended the IRA charitable rollover through December 31, 2013. Taxpayers age 70-1/2 and older are required to make annual distributions from their IRAs. The IRA Charitable Rollover permits those taxpayers to make contributions directly to charitable organizations, such as the Panama City Beach Library Foundation, without a tax on the gift. The donor’s charitable IRA rollover donations cannot exceed $100,000 in any one year. You should consult your professional advisor(s) about the benefits to your estate plan when making a contribution from your IRA.

SAMPLE LANGUAGE FOR YOUR IRA CHARITABLE ROLLOVER:

Dear IRA Administrator:

Please accept this letter as my request to make a direct charitable contribution from my individual retirement account number (insert account number) as provided by the Pension Protection Act of 2006 and extended by Congress and the President via the American Taxpayer Relief Act of 2012 – for 2013.

Please issue a direct transfer of funds in the amount of $__________ payable to Panama City Beach Library Foundation, Inc., at 12500 Hutchison Blvd., Panama City Beach, FL 32407.

 

OTHER PLANNED GIFTS

Although Charitable Remainder Trusts have been mentioned here, there are other planned gifts such as Life Estates, Charitable Lead Trusts, etc. that you and your professional advisors should discuss when reviewing your estate plan.

For information about the PCB Library Foundation, Inc., please e-mail patsy-duran@comcast.net .