Gifts of Cash

Cash gifts are deductible for federal income tax purposes up to a limit of 50% of your adjusted gross income if you itemize deductions. Where cash gifts exceed this limit, you may carry over the excess for up to five additional years.

Gifts of Stocks and Bond

Many donors make gifts in the form of appreciated securities. A donation of appreciated stock (whether as an outright gift or a planned gift) provides an income tax deduction equal to the fair market value of the stock on the date of the gift. Contact the Foundation or your broker for more information.

Gifts of Real Estate or Other Tangible Property

Almost any kind of real estate can make a valuable gift: primary residence, vacation home, farm, commercial building, or an undeveloped parcel of land. A donor can gift his/her residence now and still reside in it for life. Contributions of capital assets are deductible based on the property's fair market value at the time the contribution is made.

A planned gift to the San José Public Library Foundation will allow you to create a legacy for our community while meeting your own financial and personal objectives. In addition to continuing your lifetime interest in the Foundation, you may be able to:

• Reduce income, gift, and estate taxes
• Secure a source of cash flow for the rest of your life
• Reduce or eliminate capital gains taxes

A planned gift differs from a check a supporter writes today in that:

• It provides for the San José Public Library Foundation to receive the proceeds at a future date;
• It may be part of the donor’s overall estate and financial plans (such as a bequest or trust);
• It may have some tax advantages to the donor that may occur immediately, even if the gift transfer won’t occur for some time.

Types of Planned Gifts

Wills and Living Trusts
Charitable bequests are made through wills or revocable living trusts. Bequests are simple to arrange, offer flexibility, and can reduce estate taxes. (Please scroll down the page for language you can use in your will.)

Life Income Plans
There are a number of ways to donate cash, securities, or other property and arrange lifetime payments for you or your loved ones. Benefits include a current income tax deduction, as well as other possible tax advantages.

Retirement Plan Assets
In many cases, donating some or all of the assets from your IRA, 401(k), or other qualified retirement plan is a smart option. Gifts can be made during your lifetime or upon death.

Other Planned Gift Options
The Foundation welcomes contributions of a variety of types of assets such as securities, life insurance policies, U.S. savings bonds, annuity contracts, tangible personal property, and works of art. Your estate attorney, accountant or other financial advisor can provide you with more details on the types of gifts that offer these tangible benefits.

How to Make a Bequest

When making a legacy gift, please use our legal name— The San José Public Library Foundation. We are based in San José, California. Our federal tax identification number is 77-0142379.

Your attorney may find the following language helpful in facilitating your planned gift:

“I hereby give, devise, and bequeath to the San José Public Library Foundation, a tax-exempt nonprofit organization based in San José , California,
     the sum of $_______________ [or]
     a stated percentage [or]
     a fraction of my residuary estate [or]
     the following described property [or]
     the residue of my estate
to be used for such purposes as its Board of Directors shall direct.”

For more information

Planning your estate takes time, careful consideration, and expert legal advice. If you would like to discuss your intentions for the San José Public Library Foundation, whether through a bequest or a life income gift, we invite you and/or your legal counsel to contact our Executive Director, Mary McLane, at 408-808-2174.

Location	Gift Amount
Community Room	$100,000
Marketplace	$75,000
Family Learning Center	$75,000
Technology Center	$75,000
Opening Day Collection	$75,000
Internet Cafe	$50,000
Children's Computer Area	$30,000
Fireside Living Room	$25,000
Family Place	$25,000
Teen Center	$20,000
Children's Storytime Area	$15,000
Quiet Study Room	$10,000
Group Study Room(s)	each: $10,000
Circulation/Self-Checkout Area	$10,000
Friends' Book Alcove	$5,000
Donor Wall	$1,000