Tax Credits for Library Donations Expire at End of December

- Submitted by the Northville District Library

This is the last opportunity to take advantage of tax credits when donating to the Northville District Library, as the State of Michigan tax credits expire
Dec. 31, 2011.

Donors are entitled to the State of Michigan tax credit, only until the end of this year, for their donations to public libraries or to endowment funds within Community Foundations.

Donations to the Library are needed more than ever. Last year’s millage was supported overwhelmingly by residents, but the Library still faces ongoing funding challenges. Costs continue to rise while revenues, even with the millage increase, remain at a level lower than 2008. Contributions directly to the Library, or to the Library Endowment Fund, are vital to maintaining the Library as a valuable resource for everyone.

“More and more people are using the Library, coming into our beautiful building and tapping into our 24/7 online resources and eBooks from home,” said Julie Herrin, Library Director. “But this important work is not entirely funded by taxpayer dollars. We are grateful for the community’s support of last year’s millage. But we also rely on private donations. And, last November we added a beautiful Giving Tree in our library entryway to recognize and honor our generous donors. Donors of $1,000 or more, based on cumulative giving since 2005, will be added to the Tree.”

Individuals may reduce their Michigan income tax with a credit of 50 percent of the amount contributed to a public library or to the Library’s Endowment Fund. Tax credits allow up to 50 percent of a $200 donation ($100) for an individual. Couples filing jointly are allowed tax credits up to 50 percent of a $400 donation ($200).

The Endowment Fund was established in 2001 in order to provide a permanent source of income above and beyond the Library’s basic revenues to ensure continued excellence in the programs and services of the library. Contributions are pooled with others and invested to earn income.

“An endowment is the perfect way to make a difference during a person’s lifetime, while at the same time, providing a gift that lasts forever,” said Herrin. “Contributions of all sizes are welcome, as they will grow over time.”

Generous gifts from Northville resident, Christine Hinkle, and the family of John J. Carlo enabled the Library’s Board of Trustees to establish the Endowment Fund ten years ago. In 2002, the Carlo family provided $25,000 as matching funds, and the community donated more than $42,000. The Fund has grown to almost $300,000 today.

Donor forms are available in the Library or visit the Library’s website for more
information: www.northvillelibrary.org. Contact Library Director Julie Herrin with
any questions about donating to the Library or the Endowment Fund at 248-349-3020.

Library hours are Monday–Thursday: 10 a.m.–9 p.m., Friday and Saturday: 10 a.m.–5 p.m. and Sunday: 1-5 p.m.