Donate to the Library
Dear Friend and Supporter,
This past year, the pandemic challenged us to prioritize library service in innovative ways. Libraries are essential when we are experiencing change. They help us make sense of what we do not understand, find empathy for what we have not personally felt, and create space for what comes next. Libraries are change-makers and resilience builders.
Rochester Hills Public Library is more than a building. It is experienced through our online offerings, drive-thru service, Community Bookmobile, mini-branch locations, and in-person at our Main Library. Throughout the pandemic, we remain dedicated to being a vital resource for young learners, students, adults, job-seekers, retirees, and seniors.
Rochester Hills Public Library was one of the first libraries in the state to reopen its doors this summer. Our commitment to staying safe to stay open comes with added expenses, including PPE for the public and staff, plexiglass dividers at public service points, touchless hand sanitizers, wipes dispensers, enhanced cleaning protocols, and more. This presents a challenge to an organization like RHPL that is fiscally conservative and stretches each dollar. Your gift will allow us to do more when our community needs us the most. Can we count on you to make a donation today?
Your support will help improve the quality of life for our community by extending education beyond the classroom, inspiring lifelong learning, and building resilience among job-seekers and entrepreneurs seeking new skills. Your generous donation provides the library with financial stability for the weeks and months ahead. And remember, your contribution is tax-deductible. With donors like you, Rochester Hills Public Library will remain an outstanding community resource.
See you at the library!
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Sincerely,
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Give a Gift to the Rochester Hills Public Library |
To Make An Estate or Trust Gift
Would you like to make a gift to the library from your estate? Please discuss the following options with your attorney and choose the best option for you and your tax planning.
These types of gifts are flexible ways to support RHPL’s mission to provide resources to inform, educate, enlighten and entertain the people of our community. Donors may leave a percentage of their estate or a fixed dollar amount. Another option is to name RHPL as a residual beneficiary, leaving the library what remains after specific bequests to loved ones. Your gift may be unrestricted or restricted for a specific purpose.
Sample Trust Agreement (PDF)
Cash: A simple way to give and allow a charitable deduction on both your federal and Michigan income tax.
Stock: In return for a gift of securities, you can receive a gift credit, income tax deduction, and capital gains advantages.
Real estate: A gift of residential, commercial, or undeveloped property can benefit both you and the library.
Personal property: You can receive a gift credit and an income tax deduction and may not pay capital gains tax.
Gifts from your estate
Assets from an IRA, 401 (k), etc.: You may be able to avoid income and estate taxes and leave other less taxed assets to your beneficiaries.
Proceeds from a life insurance policy: You can make a future gift without affecting current capital assets.
Gifts that Provide Income
Charitable gift annuities, immediate or deferred: You transfer an asset to the library, which pays an annuity throughout the lifetime of the beneficiaries. The principal then is passed to the library.
Charitable remainder trust: You transfer an asset to the library. Each year you receive a percentage of the value of the trust. When the trust terminates, the remainder passes to the library.
Making a Bequest to Rochester Hills Public Library
Your Legacy: The establishment of a bequest is an easy and convenient way to develop substantial future support for a collection, program, or service that is important to you. Charitable gifts made through wills are deductible for estate tax purposes. A charitable bequest may place your estate in a lower tax bracket. You may direct your bequest to a specific department, program, or the Library as a whole.
If you wish to establish a $10,000 endowment fund through your will, you can request that it be named for you or anyone you wish to honor.
Life income gifts allow donors to make a gift of cash or appreciated property to the library while retaining all or a portion of the annual income generated by the asset.
Security of a constant stream of income: Gift annuity plans are advantageous if you prefer the security of constant income throughout your lifetime or for a specific number of years.
Charitable Gift Annuity: A charitable gift annuity is a simple agreement between you and the library that pays you a fixed annual income (in quarterly installments) for life in return for your immediate gift.
Charitable Remainder Annuity Trust: Can enable you to contribute to library while providing yourself and/or a loved one an income for life or a term of years.
For variable or growing income: If you prefer supplemental income and growth potential, you may want to consider the library’s variable income plan.
Charitable Remainder Trust: Can enable you to make a contribution to the library while providing yourself and/or a loved one income for life or a term of years. This type of trust may be tailored to suit your investment objectives.
Transfer Wealth to Your Heirs with Tax Savings
A Charitable Lead Trust allows you to make a future transfer of wealth to your heirs while substantially reducing estate and gift taxes. It also provides an income stream to the library for a specific number of years. During a specified number of years, a fixed or variable income is paid to the library, depending on the type of trust created. You may designate how your gift is used at the library. At the end of the trust term the assets are passed to your heirs or a trust for their benefit.
How you save taxes
You receive a charitable tax deduction for the current value of the annual income payments to the Library during the term of the trust. Any appreciation of the trust assets over the term of the trust is not subject to gift or estate tax.
How you can establish a Charitable Lead Trust
You can establish a Charitable Lead Trust with publicly traded securities, mutual funds, closely-held stock, income-producing real estate, partnership interests, or a combination of the above. Typically, a lead trust is effective for high-net-worth individuals who wish to fund the trust with assets valued at $500,000 or more.