We are raising $1.5 million through a capital campaign to build a public Library that meets the growing demands of our community. The campaign will cover construction, moving, equipping and expansion costs for our Library. This campaign will be a success because:
- Local landowners have donated the land for the Library
- A local architect has donated preliminary design services
- A generous benefactor committed a lead gift of $500,000
- The IRS has granted the South Hero Library Foundation 501(c)(3) status, meaning donations can be tax deductible
How Can You Help?
Your gift will help make this dream a reality for South Hero. To donate now through our secure form, please click on the link below.
Your gift, of any size, will help build, equip and maintain a resource for our entire community – including all our visitors and residents as well as people from other Island towns and those who will find the Library a convenient stop on their daily commute.
Below are some ways you can make a gift.
Gifts of Cash
You can make a one time or recurring gift of cash through our secure online form. Pledged contributions can be made as a lump sum or as monthly or quarterly payments by check, Visa or Master Card. You can make your gift online, stop in the Library with your check or credit/debit card, or mail it to us at 75 South Street, South Hero, VT (until the address changes!).
Since the Foundation is a 501(c)3 non-profit organization, cash donations may provide a tax deduction in the current year, depending on your circumstances. Please consult your tax advisor.
In Your Will
A gift to the South Hero Library Foundation in your will is the easiest and most common method of making a planned gift, and as a charitable bequest it may be deductible when calculating estate taxes. There is no limit on the amount of a charitable deduction. You can give a designated amount or percentage of your estate outright; you can leave a remainder of your estate after it has provided support to a spouse or other heirs; or you can leave a bequest as a contingency if other beneficiaries do not survive you.
From Your Retirement Plan
Name the South Hero Library Foundation as the Beneficiary of Your IRA, 401k or 403B Plan.
Unlike other inheritances that can be passed to heirs free of income tax, the distributions from inherited non-ROTH IRAs are generally taxable as ordinary income to the person who receives them. By designating the Foundation as a beneficiary, your heirs will not pay tax on the amount. The Foundation will receive the full benefit of your contribution, and while your estate will need to include the value of the assets as part of the gross estate, it will receive a tax deduction for the charitable contribution.
Designate Your Retirement Plan’s Annual Required Minimum Distribution (RMD)
If you are over the age of 70 ½, the IRS requires you to take annual, taxable distributions (withdrawals) from your non-ROTH retirement account — a provision known as the Required Minimum Distribution (RMD).
Up to a certain amount, these distributions may be made tax-free as long as they are directed to a qualified 501(c) 3 such as the Library Foundation.
Gifts of Life Insurance
There are several ways to make gifts of life insurance.
Designate the Foundation as Your Beneficiary
In addition to family or friends as beneficiaries, you can designate the Foundation as a beneficiary of a lump sum or percentage of the proceeds from your life insurance policy. You can do this for a term life policy that may be offered by your employer, or for a life insurance policy that you have purchased.
This option may be appropriate if you want to retain the right to revoke the gift at a future date. You can make the designation by updating your choice of beneficiaries on your insurance company’s beneficiary designation form.
While naming the Foundation as beneficiary does not constitute a deductible charitable contribution, your estate may receive a charitable deduction for that portion of the benefit going to the Foundation.
Transfer Ownership of Life Insurance to the Foundation
You can contribute a paid-up life insurance policy to the Foundation by transferring ownership of the policy to the Foundation. If you transfer ownership, you do not retain the right to revoke the gift. However, you may become eligible to receive a charitable income tax deduction, subject to AGI limits, equal to the policy’s fair market value or the net premiums you have paid, whichever is less.
There are several ways to give real estate to the Foundation:
Outright Gift of Real Estate
An outright gift made immediately can maximize the income tax charitable deduction and remove the property from the donor’s taxable estate.
Simple Bequest of Real Estate
By leaving real property to the Foundation in your will, you avoid the value of the property being included in your estate.
Gift with Retained Life Estate
A gift of a remainder interest in a house or farm deeds the property to the Foundation now, and retains your right to live in the residence for your remaining lifetime.
Charitable Remainder Trust
You may donate cash or property during your lifetime, or upon death, to an irrevocable trust and direct that the trust makes a fixed payment (at least annually) to you and/or other beneficiaries for life or a specified term of not more than 20 years. The Foundation receives any remaining trust assets at end of the payment term.
Charitable Lead Trust
You may donate cash or property to an irrevocable trust and direct that the trust makes a fixed payment (at least annually) to the Foundation for your lifetime or the lifetime of other beneficiaries, or for a fixed period. At the end of payment term, you or other beneficiaries receive any remaining trust property.
Click here to view the Capital Campaign Booklet and find out more about how your donation will contribute to this exciting project that will provide a benefit for the South Hero community for generations!
You can now leave your mark on the new South Hero Library in a lasting way. We have made available a variety of naming opportunities for donations starting at $2,000. Ranging from library stacks to our new fireplace, the community room, and much more, naming opportunities are an exciting way to donate on behalf of yourself, your family, or a loved one. Please click here to download a list of naming opportunities, or contact the library to learn more and to check current availability of your preferred naming opportunity. Thank you!
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This website contains general information and does not constitute financial advice. The Foundation does not guarantee the accuracy of the information herein. Consult your attorney and/or tax advisor when developing your gift or estate plan.