The Gift Annuity

A Gift to the Elyria Public Library Foundation Lifetime Income for You

Donors who are age 60 and older may make a special kind of gift to the Elyria Public Library Foundation. A Gift Annuity may be made in cash or through the transfer of stock. A charitable Gift Annuity can help you spread the capital gains from appreciated stock over several years and give you some tax-free income.

You would make a Gift Annuity only when it fits your total estate plan and after consultation with your estate planning professionals. You would make a Gift Annuity because of your desire to ensure the future of the Elyria Public Library. You would make a Gift Annuity if you want a guaranteed income capable of providing a higher rate of return than a savings account, certificate of deposit (CD) or other type of investment.

When you make a Gift Annuity, you receive the following benefits:

Your Gift Annuity may be designated to any of the Elyria Public Library Foundation’s permanent Endowment Funds:

  • Unrestricted Endowment Fund
  • Library Materials Fund
  • Children’s Program Fund
  • Keystone-LaGrange Library Fund

Gift Annuity Funds

Managed by the Community Foundation of Lorain County

All Gift Annuity contracts are issued by the Community Foundation of Lorain County. The Community Foundation issues quarterly checks and supplies tax documents at the end of each year. The Community Foundation manages many millions of dollars, employs a fulltime Executive Director, a complete staff and a Board of Trustees to oversee its work in Lorain County.

The Gift Annuity Program has been approved by the Board of Trustees of the Elyria Public Library Foundation. The Planned Giving Committee assists donors and answers questions about the program.

We repect the right to confidentiality. To set up a confidential meeting at your convenience, please contact the Elyria Public Library Foundation, Kathy Allan Smith, Director of Development, EPLFoundation@outlook.com or 440-567-6549

Gift Annuity Arrangements – Example

Mrs. Smith, age 75, meets with the President and Development Director of the Elyria Public Library Foundation. She decides to make a gift of $10,000 to the Elyria Public Library Foundation. A Gift Annuity contract is prepared and managed by the Community Foundation of Lorain County, guaranteeing Mrs. Smith an annual income of $580.00. Mrs. Smith receives a quarterly check in the amount of $145.00 issued by the Community Foundation of Lorain County. At the end of each year she receives tax information to use in preparation of her returns because a portion of each year’s income is tax deductible. In the year the gift is made, Mrs. Smith receives a tax deduction for a portion of her total gift. (The amount of the deduction is determined by government tables, based on her age.)

Mrs. Smith has always enjoyed reading and browsing through the library’s collection. She requested that, at her death, her $10,000 gift be placed in the Library Materials Endowment Fund to support the purchase of library materials. She has the satisfaction of knowing she invested wisely to help her library and guaranteed herself a lifetime income at the same time.

We respect your right to confidentiality. Please contact the Elyria Public Library Foundation to set up a confidential meeting at your convenience. Kathy Allan Smith, Development Director, EPLFoundation@outlook.com or 440-567-6549.