Grand County Libraries: Another chance at a tax break
Thanks to the Mountain Libraries Capital Campaign there’s less of a reason to dread tax day this year.
With April 15 looming on the horizon for Grand County citizens, many people may be wondering about ways they can save on their taxes while contributing to a good cause. Because of a deadline extension, innovative financing approaches and state classifications, there’s some relief in store for donors to the Grand County Library District’s Mountain Libraries Campaign.
But first, there’s good news that allows these tax breaks to continue to be available.
The Mountain Libraries Capital Campaign was facing a deadline of March 1, 2008 to raise another $300,000 to earn $250,000 in challenge grants. If the money hadn’t been raised by then, those generous challenge grants would have been lost. (A total of $200,000 is from the Gates Family Foundation of Denver and $50,000 is from the Boettcher Foundation.)
– Deadline Extended, Opportunities Remain – Despite contributions that did come in, the Campaign wasn’t able to raise the funds by the deadline. But because the Foundations see the value of the local campaign, they agreed to extend the deadline to Sept. 1, 2008, giving the Campaign more time to raise that $300,000.
That was good news for Grand County’s library users and good news for people who can take advantage of tax breaks by giving to this important effort.
– The two libraries built with these funds are eligible as Colorado Enterprise Zone development projects. This classification of the projects, provided by the economic development council of the state of Colorado, makes it possible for donors providing cash or gifts to the project to claim a state tax credit. The amount of the credit is 25 percent of the value of a cash contribution or 12.5 percent of an in-kind contribution, up to $100,000 per year.
– Pledged contributions can also stretch the value of a gift to the Mountain Libraries Capital Campaign. A person can pledge a gross amount for this tax year but schedule the payments out through the next five years. This gives maximum benefit toward reaching the campaign’s goal while adding value now for tax breaks. It also spreads out the impact of the donation over time.
– Planned Giving. Please consider the Mountain Libraries Capital Campaign in your estate or trust planning. It would certainly help the campaign and help ease the tax bite of future generations.
As you think about giving, remember these points about the Mountain Libraries Capital Campaign:
– Grand County Library District did not pick the timetable for the construction of the Granby Library. It was forced upon the District when the bulldozer rampage destroyed the Granby Town Hall and the Granby Library.
– The district’s intention at the time of the destruction of the Granby Library in June 2004 was to build the Juniper Library at Grand Lake and then proceed to the Granby Library construction at a later date. That was not possible.
– The library district board determined that it was both possible and necessary to do both buildings at once.
– Although it has been possible, it has put a constraint on the library district’s ability to grow its programs and services.
– The Granby Library was a $3.9 million project. The Juniper Library was a $2.3 million project.
– The Mountain Libraries Campaign has been remarkably successful in already raising $2.06 million towards our goal of $2.4 million.
– Included in this success are challenge grants of $250,000, which are leveraged against meeting the $2.4 million goal.
– The purpose of the Mountain Libraries Campaign is to meet lease purchase payments for six years at which time the library district expects, based upon countywide projections, that revenues from property tax collections will reach levels which will allow the district to comfortably meet lease purchase payments.
– If the District does not meet this goal, in order to be fiscally prudent, restrictions on district spending will be necessary.
– What is more vibrant to a community than a public library full of books, computers, art shows, preschool story hours, school class visits, book clubs, study rooms, and a rich variety of programs for all?
– The Granby Library was designed to be the largest in the district based on the growth projections and its position in the heart of the county, with the only branch featuring a separate Children’s and Teen Libraries.
– The Juniper Library was designed with the aesthetic of Grand Lake in mind and with the extensive input of the Grand Lake community to meet the needs of visitors and local residents.
– The Capital Campaign is asking for your assistance in reaching this Campaign goal and securing the quarter million dollars in challenge grants.
So, if there ever was a time for people to consider giving to the Grand County Libraries, this is it.
For more information on giving, contact Pat Berger, finance administrator for the Grand County Library District at (970) 887-9411, ext. 107 or online at firstname.lastname@example.org. The mailing address is P.O. Box 1050, Granby, CO 80446.
Or, contact Mary Anne Hanson-Wilcox, Director of the Grand County Library District, at (970) 887-9411, ext. 101.
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