Questions and Answers
- Why was the East Lyme Library Foundation organized?
ELLF was designed to create a vehicle to which friends of
the Library can contribute larger sums of money. These donated
funds are invested and grown in a tax-exempt fashion and are
used for future, substantial Library acquisitions.
- Are donations to ELLF tax deductible?
Yes. Donations are tax deductible and, in some instances, may also
create other tax advantages for the benefactor, such as minimizing
estate taxes and taxes on capital gains.
- Does an individual have to be from East Lyme to contribute?
No. Although most donors are year-round residents in town, some
citizens from other areas of Connecticut prefer our Library for their
needs and have graciously contributed. Summer residents from various
regions in the Northeast have also played a prominent role in fundraising
efforts.
- Is there a minimum one can donate?
No. But the intent of the Foundation is to solicit larger gifts for investment
for the future while smaller donations may be more appropriate for the Library's
Annual Fund Drive, which helps fund current needs. .
- Is there a maximum one can donate?
No. A past, frequent visitor to the library who had no remaining family
bequeathed her house to the Foundation in her will. Significant donations
enroll the donor in The Annie Bond Society and ELLF's gold, silver and
bronze categories of giving which are discussed in other areas of the
website.
- Can corporate matching funds be appied to Foundation donations?
Some corporations will not match donations to foundations. Please check your
company's donation policy.
- Are simple donations not in the form of wills, trusts and annuities
accepted?
Yes. Simple donations are welcomed. The "Giving" area of the website
explains this in more detail.
- To join the Annie Bond Society requires a $2,000 donation. Does this
have to be given all at once?
No. One can donate small amounts over years. Once he or she achieves the
$2,000 plateau of giving, that individual is automatically enrolled in the
Society. Another scenario involves the signing of a confidential statement
of intent to gift or bequeath $2,000. This also enrolls a donor in the Annie
Bond Society. The statement of intent is non-binding.
