Why have a Foundation?
The Galway Public Library Foundation (GPLF) was established to enable the Library to provide services and programs beyond the capabilities of the normal budget.
The most significant characteristic of the GPLF is its ability to maximize the benefits of donations. Donations made directly to the Library immediately become public funds and are subject to very tight restrictions. The Library can usually only invest its money in “time deposit accounts or certificates of deposit issued by a bank or trust company located and authorized to do business in New York State.” In recent years, the interest on such investments has fallen far below the rate of inflation resulting in a significant loss in purchasing power. The GPLF is not subject to these restrictions and is able to invest in securities with a proven record of growth over the long term.
Is the GPLF part of the Library?
No. The GPLF is a separate entity. The GPLF was established in September of 2022 with the sole objective to support the Library.
Are donations to the GPLF tax deductible?
YYes, donations to the GPLF are tax deductible subject to typical 501(c)(3) requirements. The GPLF is a 501(c)(3) charity and is registered with the New York State Charities Bureau.
How will GPLF distribute funds to the Library?
Currently there are no guidelines in place to determine the size or timing of GPLF distributions to the Library. The GPLF Board of Directors will review requests by the Library Trustees and respond as determined appropriate by this Board.
The GPLF has no restrictions on the timing, size, or form of the support it shall provide to the Library. In general, donations may be distributed to the Library for immediate needs or held for investment and growth for future distribution to the Library. However, GPLF donors may designate specific Library expenses for which their gift is to be used.
The GPLF has received a substantial donation from the Dockstader Charitable Trust. Their gift is intended to exist in perpetuity. Investment gains from the gift will be used for GPLF expenses (such as legal and CPA) and distributions to the Library. The GPLF does not expect to be able to estimate its expenses or investment revenue until the second quarter of 2024.
Why aren’t donations to the GPLF included in the financial records of the Library?
Donations to the GPLF will only be included in the financial records of the Library when distributed to the Library.
How will the GPLF grow?
The GPLF will solicit donations through mailings, the GPLF website, and direct solicitation. Donors may choose to make individual donations or gifts in tribute as well as donations through lifetime giving or final bequests. Information can be found on our website or by contacting the GPLF Board at the.gplf@gmail.com