Empower, Enrich, Enhance: The Monona Public Library Foundation
What is the Monona Public Library Foundation, Inc.?
The Monona Public Library Foundation, Inc. has established an endowment for the purpose of enhancing the Monona Public Library’s services beyond what can be provided through taxes or other usual revenue sources. The Foundation funds the endowment through fund-raising activities directed towards individuals, businesses and other organizations. On an annual basis the Foundation will disburse a small portion of the fund’s assets for such purposes as the purchase of supplemental materials to enhance or expand the library collection; special programs, performances or lectures; staff training and development; and equipment or furnishings outside the scope of the library’s budget.
Who runs the Monona Public Library Foundation, Inc.?
A board of directors runs the Monona Public Library Foundation. Bylaws govern the board’s activities. Current board members include:
- Harold J. Polzer - President
- Judith A. Fritz - Secretary
- Ann L. Bowles (Friends of the Library representative)
- Mary O’Connor (Library Board representative)
- Donald V. Latorraca
- Margaret Metcalfe
If you are interested in serving as a board member or assisting the Monona Public Library Foundation in its fundraising efforts, please contact Demita Gerber, Library Director, 216-7458, dgerber@scls.lib.wi.us.
Tax Benefits of Contributions to the Foundation
The Monona Public Library Foundation, Inc was organized as a nonprofit, non-stock corporation created under Wisconsin Law in 2004. The Foundation has been granted tax-exempt status under Internal Revenue Code sec. 501(c)(3). All contributions to the Foundation are tax-deductible to the full extent of the law and can provide tax savings to the donor in a variety of ways such as:
- Savings in income taxes by gifts of cash, securities or property made during the current fiscal year.
- Savings in inheritance and gift taxes by bequests, testamentary trusts or gifts, or living trusts.
- Savings in capital gains taxes when gifts of appreciated securities or other property are made.
Be sure to check with your tax advisor to see whether a gift of this type may be of advantage to you. And ask your employer if they will match your contribution.
Who invests and manages the endowment funds donated to the Monona Public Library Foundation, Inc.?
The Madison Community Foundation, a nonprofit, tax-exempt organization, invests all funds on behalf of the Monona Public Library Foundation, Inc. For over 60 years, the Madison Community Foundation has managed funds, including endowment funds, raised for charitable purposes in the Dane County area. The Madison Community Foundation’s reputation for prudent investment at relatively low costs insures that more funds are available to enhance the Monona Public Library.
To learn more about the Madison Community Foundation, visit its website.
How You Can Contribute to the Foundation
Contributions can be made to the Monona Public Library Foundation, Inc. using a variety of methods including:
- Direct cash donations
- Donations of securities, stocks and bonds
- Donations of real and personal property
- Bequests in a will
- Life income plans
- Charitable remainder trusts
How Your Company or Organization Can Contribute
- Make a tax-deductible contribution
- Match company employees’ donations
- Establish a memorial fund
Donations can be made in a variety of ways:
- Checks:
- You may make your check payable to the Monona Public Library Foundation, Inc. and mail it to:
- Monona Public Library Foundation, Inc.
1000 Nichols Road
Monona, WI 53716
OR
- Monona Public Library Foundation, Inc.
- Make your check payable to the Madison Community Foundation, Fund #1030299
and mail it to- Madison Community Foundation
2 Science Court
P.O. Box 5010
Madison, WI 53705-0010
- Madison Community Foundation
- You may make your check payable to the Monona Public Library Foundation, Inc. and mail it to:
- Credit & Debit Cards:
- You may donate using your credit or debit card:
- By phone, please contact Harmony Kronick, (608) 232-1763 x231 or Connie Tibbetts (608) 232-1763 x223 at the Madison Community Foundation
- To donate online: You may use the Madison Community Foundation’s secure website to make an online donation.
- You may donate using your credit or debit card:
- Donations of stocks, bonds, mutual funds:
- The Madison Community Foundation regularly processes donations of stocks, bonds, mutual funds and other appreciated assets. Contact Harmony Kronick (608) 232-1763 x231 or Connie Tibbetts (608) 232-18763 x 223 at the Madison Community Foundation to ask any questions regarding donations of stocks, bonds and mutual funds. In addition, the Madison Community Foundation provides enhanced opportunities for long term giving to nonprofits like the Monona Public Library Foundation through Charitable Gift Annuity and Charitable IRA Rollover options.
Can I make a donation anonymously to protect the privacy of my family and myself?
Yes. The Madison Community Foundation regularly processes donations for individuals and other organizations that wish to make donations anonymously. If you would like to donate anonymously, please contact the Madison Community Foundation at (608) 232-1763.
What is the difference between the Friends of the Monona Public Library and the Monona Public Library Foundation, Inc.?
Both organizations raise funds for the library for expenditures outside the scope of the library’s budget. In addition, the Friends provide other types of support for the library in terms of assistance at library events and sponsoring promotional events for the library.
Funds donated to the Friends are not invested on a long-term basis and are used for more immediate library needs. As such, donors who would like to make contributions used for an immediate purchase or project at the library should make their donation to the Friends and send their check payable to the Friends of the Monona Public Library to 1000 Nichols Road, Monona, WI 53716.
Foundation funds are invested on a long-term basis through the Madison Community Foundation. Only a small percentage of the assets are available to be spent each year. Typically the Foundation would be the recipient of larger donations to the library, such as bequests. Since the Madison Community Foundation is able to process stocks and bonds, those types of contributions should be made to the Library Foundation.
If you have any other questions or concerns regarding the Monona Public Library Foundation, Inc., please contact Monona Library Director Demita Gerber at (608) 216-7458.