Questions and Answers

  1. 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.

  2. 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.

  3. 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.

  4. 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. .

  5. 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.

  6. Can corporate matching funds be appied to Foundation donations?

    Some corporations will not match donations to foundations. Please check your company's donation policy.

  7. 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.

  8. 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.

 

Copyright 2009-2010 East Lyme Library Foundation, Niantic, CT 06357

 

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