If you have a passion for public libraries, designating a gift to the foundation is the perfect way to leave a legacy.
“It was easy to name Madison Public Library Foundation a beneficiary of my IRA account. My future gift will be for endowment so that its annual earnings help the library every year for a very long time. That's the kind of legacy I want to leave.”
– Nancy McGill, member of the Silas Pinney Legacy Society
What does "giving later" mean?
A gift that will be given to the foundation later in life or at the end of your life may come in many shapes and sizes, and is often the best way for someone who loves the library to make a high-impact contribution. Some gifts are simple, like leaving estate proceeds in a will or trust, or making a stock gift during your lifetime. Other gifts take a bit more planning and expertise, like a charitable gift annuity or a gift of life insurance, real estate or tangible personal property.
The foundation staff is here to help, and while we cannot provide tax or legal advice, we can work with you, your family and your professional advisors to carry out your vision.
How do these types of gifts help the foundation?
Giving later helps:
- Enhance educational programs
- Build collections
- Support staff
- Improve facilities
- Invest in the endowment to ensure the future livelihood of our libraries
A gift later in life or toward the end of one's life is a smart gift, because it can also bring benefits to the donor. Those who make a bequest may reap the following rewards:
• Reducing or eliminating gift, estate and capital gains taxes
• Increased income and effective rate of return
• Leaving a legacy without giving up assets
What will my gift fund?
Gifts may be given "restricted" or "unrestricted." Unrestricted planned gifts to the foundation are invested in a permanent endowment at Madison Community Foundation. Each year, distributions from the endowment are used to support foundation operations, grants, program investments and more. Some donors prefer to restrict their gift for a neighborhood library or toward a particular area or program like collections, technology or the Wisconsin Book Festival. Call the foundation office if you wish to designate your gift in a particular way.
Silas Pinney Legacy Society
The Silas Pinney Legacy Society is a group that recognizes and honors those who have chosen to leave a gift to Madison Public Library Foundation. Mayor Silas Pinney was credited with the founding of Madison’s first free library in 1875, which was originally housed in City Hall.
It’s easy to become a member – commit to a legacy gift that makes a long-term difference in Madison’s public libraries. Let us know of your intention to make a planned gift and become a member of the Silas Pinney Legacy Society.
If you're making a bequest in your will, the following language may be added to demonstrate your intention:
“I leave [the sum of ____ dollars], [all or ____ percent of the remainder of my estate] to the nonprofit Madison Public Library Foundation, Inc., in Madison, Wisconsin (tax ID #391777242), to be used for [choose one] the benefit of all Madison public libraries; ____ Library; ____ Endowment Fund; or a special purpose ____.”
The Madison Public Library Foundation is registered as a 501(c)(3) nonprofit organization. Contributions to the Madison Public Library Foundation are tax deductible to the extent permitted by law. The Foundation’s tax identification number is 39-1777242.
If you have a donor-advised fund through Fidelity Charitable or Schwab Charitable, you can make a gift directly to Madison Public Library Foundation through DAF Direct.