Gifts to the Mount Olive Library have helped support our community’s rise to excellence. We are developing one of the state’s most successful libraries, but to continue to be successful, we need your help.
We are living through a period of unprecedented change in how information is created and distributed. Today’s patrons demand networked information resources and services wherever they are and whenever they need them. When patrons come to the library, they expect a broad range of collections and library learning environments to support them in their needs.
With your help, we are able to offer our patrons unique access to materials and resources that help to differentiate the Mount Olive Library from other public libraries thus enhancing our community.
Thank you for considering a gift to the Mount Olive Library that will support our continuing quest for excellence
Types of Planned Giving
Planned gifts can come in many forms. From small gifts to large bequests the Library is able to assist you with your planned gift.
Bequests
Charitable bequests are gifts of any property (real or cash) made by naming our library as a beneficiary in a person’s will. This is a simple method and the number one way of making a planned gift by donors. The donor can also bequeath a particular asset or a percentage of their estate rather than a dollar amount. This is the easiest way for libraries to work with planned gifts.
Each year thousands of individuals exercise the privilege of determining the final distribution of their estates. Bequests can take various forms: a general bequest, a residuary bequest, a percentage bequest, or a restricted bequest.
A general bequest is one of the most popular ways to make a charitable gift by will. The donor simply leaves a specific dollar amount to the library.
A residuary bequest is given to the library after all (or a portion) of an estate owner’s property after all debts, taxes, expenses and other bequests have been paid.
A percentage bequest is expressed as a percentage of the estate or of the residuary estate.
A restricted bequest restricts the bequest for a specific purpose. This can include setting up an endowment. This type of bequest should be made in the broadest terms possible consistent with the donors wishes. This guards against the possibility of the purpose of the gift becoming obsolete (such as the elimination of a specific collection, program, department, etc.).
Life Insurance
Life insurance gifts can include whole life, universal, and other forms of life insurance policies. Donors can contribute all or part of a policy to the library by adding us as a named beneficiary. The donor retains ownership of the policy and has access to the policy’s cash value. Since the donor retains ownership, no charitable income tax deduction is allowed upon making the library the beneficiary. Once the donor passes away and the proceeds are paid to the library, the donor’s estate will be allowed a charitable estate-tax deduction.
Donors need to work with their insurance provider to designate your library as the beneficiary.
Retirement Plans
Retirement plans are another easy way for the donor to make a gift to the library. Retirement plan benefits represent a major portion of the average person’s estate. Through the retirement plan provider, a donor can designate the library as a full or partial beneficiary. Again, the donor can name a specific amount or percentage. This gift can be designated when the fund is first established or changed at a later date. The plan administrator will provide a change of beneficiary form upon request. Giving in this way can help maximize tax savings.
Gifts
For as little as $25, you can honor a family member, friend, colleague, teacher, or other person of your choice. Each $25 increment funds the acquisition of one new book, selected by a librarian. The names of the honoree and donor will be inscribed on a bookplate inside the book’s front cover.
