Make a Legacy Gift
Create a Bright Future for the Fern Ridge Library
You can leave a legacy for the Fern Ridge Library by naming the Fern Ridge Library Foundation as a beneficiary in your will, life insurance policies, retirement fund, or other estate plans. A current or deferred gift to the Fern Ridge Library Foundation Endowment Fund as part of your gift planning is a wise investment.
Your donation to the Fern Ridge Library Foundation Endowment Fund will support the Fern Ridge Library forever. Donations are wisely invested and sensibly used to preserve and grow the endowment. Our endowment fund is managed by the highly-respected Oregon Community Foundation and we are proud members in the OCF’s Endowment Partners program.
Ways to Give
We encourage you to consult with your attorney, accountant, or financial advisor for help determining the type of gift that is right for you. Our Library Director and a Foundation representative are available to meet with you and discuss the library’s needs and gift policies. You may also receive advice for gift planning from the Oregon Community Foundation’s Southern Willamette Valley staff, at no-cost to you. Please call Liz Lawrence, Philanthropic Advisor, 541-431-7099, with your questions.
Outright or Memorial Gifts
You can make an outright gift to the Fern Ridge Library Foundation Endowment Fund, or give in honor of or in memory of a friend or family member today. You may give by check or use appreciated securities to make your gift. Mail your tax-deductible contribution, give online at www.frlfoundation.org/give, or contact Dan Caplis, Treasurer, CPA for assistance with stock transfer at info@frlfoundation.org.
Beneficiary Designations
Another way to include the Fern Ridge Library Foundation in your estate plans is to add us as a primary or contingent beneficiary to your plans, such as:
- Life insurance policies
- Individual retirement plans (IRAs)
- Qualified retirement plans
Remember to include specific language naming Fern Ridge Library Foundation, and include our nonprofit’s Tax ID number #93-1198874, and any restrictions, if applicable.
Bequest Gift
A gift to Fern Ridge Library Foundation in your will or revocable trust is a way to support the Fern Ridge Library in the future. A bequest is easy to arrange, does not affect your assets or cash flow during your lifetime, and is revocable.
You may have planned your estate through a revocable trust instead of a will. A transfer to Fern Ridge Library Foundation from your trust will bring you the same tax and planning benefits as a bequest from a will.
A bequest can deliver a specific dollar amount, or a percentage of the balance remaining in your estate after taxes and specific bequests have been paid.
We suggest this wording in your will or trust documents:
I give, devise and bequeath [describe assets which are the subject of the bequest; for example, a stated sum, the residue of the estate, or a percentage of the residue of the estate]
To the Fern Ridge Library Foundation, Oregon, tax ID # 93-1198874, an Oregon nonprofit corporation, for the following purposes ….[to be added to the Fern Ridge Library Foundation Endowment Fund, or you may designate a purpose of the fund for current use].
Retirement Funds
Making a direct transfer from your IRA or retirement fund using the charitable rollover is an easy and convenient way to make a gift. If you are 70 ½ or older, you may make a qualified charitable distribution (QCD) directly to the Fern Ridge Library Foundation. For many donors this can be a very tax wise way to give to the Foundation.
Life Income Gifts
You may also make a legacy gift in your estate plans with an irrevocable gift annuity or charitable remainder trust. Your gift can generate income for life, long-term tax savings, avoid or reduce capital gain tax by using appreciated assets such as real estate or stocks, and give you a tax deduction. The Fern Ridge Library Foundation would be named as a beneficiary of your planned gift and receive remainder value from your annuity or trust.
The Fern Ridge Library Foundation is an Endowment Partner with the Oregon Community Foundation. Please work with the OCF’s Southern Willamette Valley office at 541-431-7099 for information on a life income gift that may meet your needs. Thank you for your future gift.
There are two popular gift methods available with the Endowment Partners program at the Oregon Community Foundation. These include:
Charitable Gift Annuity (CGA)
Minimum gift is $25,000 to establish a CGA when minimum age of the annuitant is 60 and domicile of the donor and beneficiary is in Oregon. Anyone age 55 and older is eligible to set up deferred CGA. No fee is charged. Future gift will be added to existing endowment fund such as the Fern Ridge Library Endowment Fund or may be used to create a new endowment fund if residuum meets current funding amount, currently at $25,000. This gift method is an excellent retirement planning tool. It provides life income, charitable tax deduction, and part of income might be tax-free.
Charitable Remainder Trust (CRT)
Minimum gift is $100,000 to create a CRT. This is a perfect gift for large stock or real estate gifts. You would establish a trust with income distributed to non-charity beneficiaries such as yourself or family member for a one or two lifetimes or term or years, and remainder to charity. For OCF to serve as trustee, 50% of the charitable remainder value must be designated to nonprofit partner such as the Fern Ridge Library Foundation Endowment Fund. Remaining 50% may be distributed directly to other nonprofit partner. A new Endowment Fund made from the remainder benefit of the trust may be created with the net present value of the remainder interest that meets or exceeds the current fund minimum for OCF ($25,000). Otherwise, funds will be added to the Fern Ridge Library Foundation Endowment or other charities. Minimum age of beneficiary is 55; payout percentage to beneficiary between 5% and 7%. Fees for preparation of trust document apply. Expenses related to carry costs of unmarketable assets prior to sale apply. Administrator fee approximately 80 basis points annually.
Frequently Asked Questions
What is the Foundation’s tax exempt status?
The Fern Ridge Library Foundation is a tax-exempt charitable organization under the IRS code, section 501 (c) 3, and contributions are deductible for income, gift, and estate tax purposes as allowed by law. Our legal name is the Fern Ridge Library Foundation and Federal tax ID is #93-119874. We were established in 1995 and are located at P.O. Box 397, Veneta, OR 97487. Please contact us with any questions at info@frlfoundation.org.
Why is an endowment fund important to the Fern Ridge Library?
To be healthy and stable, the Fern Ridge Library benefits from discretionary resources made possible with private funds to meet the needs of this growing and dynamic community. The endowment fund established by the Fern Ridge Library Foundation provides long-term financial support to address the needs of the library that are not able to be met with tax-supported funding.
Can we thank you now?
When you have determined your gift plans, please communicate your intentions with the Library Director and Fern Ridge Library Foundation. We’d like to say a special thank you now! Your deferred gift may be kept confidential, or you may receive recognition to encourage others to follow your example. Just let us know your preferences. Thank you!