Since the founding of the Peterborough Town Library in 1833, the library’s evolution and growth has been made possible by a public/private partnership. Bequests and other types of planned giving have strengthened the library’s financial stability so that important renovations, educational programs, upgrades to technology infrastructure, and our commitment to offering best-in-class public library services continue to be possible.
Why include the Peterborough Library Trustees in your will or estate planning?
Operations of the public library are supported by taxation. However, it is through a public/private partnership that the library building has been maintained and renovated since it was built in 1892. Technology infrastructure, upgrades to furniture, special educational programming, and investments in online resources are examples of areas where private funds have been pivotal in supporting the library’s mission. By including the Peterborough Town Library in your planned giving, you can support the library’s commitment to champion literacy and provide a community space where anyone can enter and find what they need to achieve their goals.
Who manages the PTL trust funds endowment?
Gifts to support the future of the Peterborough Town Library (PTL) are most effectively made to the Library Trustees. The PTL Trustees have the custody and management of our town’s public library, including employing a competent, qualified Library Director; approving funds for library operations and services; being familiar with State and local library laws; and writing and adopting policies concerning the library's objectives, operations, and materials selection. The Trustees are also responsible for all the Library Trust Funds.
How to make a Legacy/Planned Gift
There are several ways to make a planned gift to fulfill your charitable goals:
The most common way to include the Peterborough Town Library Trustees would be by adding a few simple sentences in your Last Will and Testament. An unrestricted gift ensures that Trustees today and tomorrow are able to use the funds where it is needed the most and where it can make the biggest impact. Simply ask your estate planning professional to add the following language to your will:
“I give to the Peterborough Town Library Trustees, Peterborough, NH, ____percentage of my estate (or the sum of $______) for its general uses and purposes.”
Name the Peterborough Town Library Trustees as a beneficiary of your retirement plan.
Most retirement plan assets such as individual retirement accounts (IRAs) and 401(k) plans are subject to taxation when passed to heirs. Retirement plan assets are a great option for charitable gifts. All or a percentage of your retirement plan assets can be transferred to Peterborough Town Library Trustees free of all taxes. To name the PTL Trustees as a beneficiary, first consult with your financial advisor, then instruct the plan administrator of your decision, and complete a change of beneficiary form.
Life insurance policies purchased early in family life are often no longer needed in later years. By naming the Peterborough Town Library Trustees as the beneficiary of all or a portion of the proceeds of a life insurance policy, you would benefit by either realizing an immediate income tax deduction or a reduction of your estate’s tax liability.
We encourage you to consult with your financial advisor, attorney, or other trusted professionals to know which planned giving option is right for you.
For more information about planned giving options to support the future of our Library, please contact Corinne Chronopoulos, Library Director, 603-924-8045 or email Corinne@PeterboroughNH.gov.
