Cary Memorial Library Foundation Annual Fund
Your gift to the Annual Fund supports the current needs of the collection and programming. Just write a check, use a credit card, or transfer securities, and ask your employer to match your gift.
Annual Fund Giving Levels
Bookplate Gift Program
For a minimum donation of $30 for an Adult or Young Adult title, or $20 for a Children’s title, you can honor or memorialize friends and family members with a book donated to the Library. Simply choose the type of book you wish to donate, provide the particulars of the inscription, and the Library will place a handsome, commemorative bookplate in the book.
Endowment: Donations and Named Fund
Gifts to the endowment in any amount are always welcome. They help ensure the Library’s future and make a lasting tribute. The initial gift is preserved in perpetuity and the investment income supports ongoing Library needs.
The endowment consists of two types of funds:
The General Fund supports needs identified by Library staff. Gifts in any amount can always be contributed to the General Fund.
The Named Funds have been established by generous donors who wished to permanently honor or memorialize someone special. To establish a Named Fund requires a minimum initial contribution of $5,000. Donors have the option of designating either a specific or general purpose of the fund. For example, the Vivian Richman Fund was established by friends and family of Lexington artist and sculptor Vivian Richman in her memory. At their instruction, income from that fund goes toward the purchase of library materials centered on the arts. To create a Named Fund, please contact the Foundation office at 781-862-6288 x322, or firstname.lastname@example.org.
Giving to the General Fund and existing Named Funds
Gifts in any amount to the General Fund and to any existing Named Fund are always welcome.
Planned Giving: Include the Library in Your Estate Plans
Maria Hastings Cary Legacy Society
Founded in 2007, and named in memory of the Library’s founder, the Maria Hastings Cary Legacy Society recognizes those who wish to express their commitment to Cary Memorial Library by making provisions in their estate plans.
Planned giving to the Library is a wonderful way to share your good fortune, fulfill your philanthropic goals, enhance the Library’s collections, technology, and programs, and enrich all the citizens of Lexington.
The Foundation staff and the Library Director can offer counsel on how to structure your bequest to match your specific wishes. Gifts to the Annual Fund will help address the Library’s immediate needs. Gifts to the Library’s Endowment will be held in trust with the income distributed in perpetuity for either general or designated purposes.
To join the Society, simply inform the Cary Memorial Library Foundation that you have made arrangements to leave a gift in one of the following ways:
Including the Cary Memorial Library Foundation in your Will
A bequest or other testamentary gift is fully deductible for federal estate tax purposes. You may incorporate your gift into your will when it is drafted, or add it later in a codicil. The gift can be for set amounts, a percentage of assets, or the remainder of assets after other distributions.
Designating the Cary Memorial Library Foundation as an IRA Beneficiary
After taxes, IRA assets are often significantly eroded—even depleted—by estate and income taxes before passing on to heirs. Tax consequences can be diminished, and the Library can benefit from your bequest at full value
Naming the Cary Memorial Library Foundation as a beneficiary of your Life Insurance Policy
Small annual insurance premiums can turn into a large gift and possibly provide you with current tax deductions.
Investing in a Charitable Gift Annuity
With your gift of $10,000 or more, you will receive a fixed income for life, typically between 6% and 8% of your original gift. The Library benefits as well from the residual principal.
Naming the Cary Memorial Library Foundation as a charitable beneficiary of your Donor Advised Fund
If you have a donor advised fund and you choose not to name an account successor, you can specify that the fund’s remaining assets go to the Library.
Please consult an attorney, financial advisor, or Foundation officer about setting up any of these plans.
To join the Maria Hastings Cary Legacy Society, contact the Foundation:
By phone: 781-862-6288 x322
By email: email@example.com
Cary Memorial Library Foundation, Inc.
1874 Massachusetts Ave.
Lexington, MA 02420