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Minisink Valley Historical Society
Plans for Creative Giving
Plans for Creative Giving

As we look to the future, our Society is thinking about programs that will assist us with our mission statement. In the late 1970s, a Society board member, Robert Kleinstuber, endowed our organization which allowed us to move ahead with the preservation of our region's history. From that endowment we were able to hire a director, purchase, restore and upgrade additional properties around the Fort Decker Museum of History and take on a number of preservation projects including the restoration of the Port Jervis Erie Depot and a new cedar shingle roof for Fort Decker . Additional donations over the years have allowed us to purchase new computers and a microfilm/microfiche machine.

Some of the things we are now considering include scholarships for interns and the construction of a major addition to the Kleinstuber House that would allow us to display and properly store more of our vast collection. In addition, we would like to be able to hire a full time person to begin to scan parts of our collection into our computers for resale and distribution to members and the general researching public. Much as we may not want to discuss this, these kinds of projects require money. With this appeal, we hope to create interest in a new fund - The Minisink Valley Legacy Fund.

The Minisink Valley Legacy Fund would provide a solid financial underpinning and help to secure the future of the Society. Unlike operating funds, gifts and bequests to the Legacy Fund would be invested for the long term, providing continuing annual income to the Society, and in some cases to the donor as well. There are a number of different ways to think about your gift to the Legacy Fund.

With a gift to the Society's pooled income fund, a donor transfers cash or stock to the Society. The gift is "pooled" with gifts of others and would be managed by our investment advisor. The funds are invested and the fund's annual income is distributed proportionately among the pooled income participants, for life. Annual income is variable and depends on the earnings of the fund. At the death of the pooled income fund participant, or his or her income beneficiary, the unit value of the contribution is distributed to the Society.

Contributors to the pooled income fund realize the same tax benefits allowed for the charitable remainder trust. The advantages of life income and the opportunity to participate at a gift level that is more modest than the amount that might be necessary for the establishment of a charitable remainder trust makes this option both attractive and accessible to many prospective donors.

Inform your mutual fund account representative of the number of shares to be given by letter, with guaranteed signature, and request direct transfer of the shares to the Society's investment adviser here in Port Jervis, New York.

Interested donors should feel free to approach the Society's representatives to discuss options and potential plans. Our society's attorney has volunteered to assist donors if they need advice. Please contact the Society's director for further details. Final transactions, of course, are executed by the donor's designated tax or legal advisors.

Securities

A gift of appreciated securities such as stocks, bonds or mutual funds, held for more than one year, can be deducted at fair market value. You and the Society can benefit from the recent rise in the stock market. Your deduction may not exceed 30 percent of adjusted gross income in any single year, but carry-over is permissible for five more years. The donor pays no capital gains tax by making such a gift.

Real Estate

In some cases, the Society can accept a gift of real estate (held by the donor for more than one year), and the donor may derive the same tax benefit as those for appreciated securities. It is appropriate for interested donors to discuss potential plans with Society representatives.

Cash

The simplest form of making a gift is cash. Such a gift is tax deductible in accordance with federal income tax law. The deduction is subject to a limitation of 50 per cent of adjusted gross income in any one year, but deductible amounts above the limit may be carried forward and used up to five additional years.

minisink history
A Gift that Gives Back
Charitable Remainder Trust

When a donor establishes a charitable remainder trust, he or she transfers cash or property to a trust and retains for him or herself or another income beneficiary an annual income from the trust which may be a designated fixed dollar amount or a fixed percentage of the value of the trust's assets, for life or for a term of years. Upon the death of the income beneficiary or the completion of the term of years, the value of the assets of the trust (the remainder) is distributed to the Society.

The donor enjoys a federal income tax deduction for the value of the gift which is calculated on the amount contributed, the term of the trust or the age of the income beneficiaries, and the projected amount to be paid to the beneficiaries. If the charitable remainder trust is funded with appreciated property, the donor avoids capital gains tax on the transfer in addition to making the future of the Society more secure.

Minisink Valley Historical Society Pooled Income Fund

With a gift to the Society's pooled income fund, a donor transfers cash or stock to the Society. The gift is "pooled" with gifts of others and would be managed by SalomanSmith Barney, our investment advisor. The funds are invested and the fund's annual income is distributed proportionately among the pooled income participants, for life. Annual income is variable and depends on the earnings of the fund. At the death of the pooled income fund participant, or his or her income beneficiary, the unit value of the contribution is distributed to the Society.

Contributors to the pooled income fund realize the same tax benefits allowed for the charitable remainder trust. The advantages of life income and the opportunity to participate at a gift level that is more modest than the amount that might be necessary for the establishment of a charitable remainder trust makes this option both attractive and accessible to many prospective donors.

A Life Estate Gift

An interested donor can give a home, condominium, or farm to the Society through a life estate agreement. Such an agreement can assure the donor lifetime use of the property, while affording a charitable tax deduction calculated on the value of the property, less the value of lifetime use. Capital gains and estate taxes are completely avoided.

A Gift of Life Insurance

Life insurance can be an attractive way of financing a donor's giving plans. A donor may contribute paid-up whole or variable life insurance policies, with the cash or replacement value of the policy deductible for federal income tax purposes. A donor may transfer ownership of a policy on which he or she is still paying premiums, and the premiums are tax deductible, if the policy is given irrevocably. As with all planned gifts, the donor should consult professional tax or legal counsel. Insurance gifts are governed by state law and vary state to state.

A donor may purchase a new life insurance policy for the benefit of the Minisink Valley Historical Society. Many donors are receptive to paying regular premiums, which are tax deductible if the Society is named as the irrevocable owner and beneficiary. If a donor is uninsurable, buying a policy that insures a spouse, brother or sister, for example, is also possible.

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Bequests

There are several options in considering making a charitable gift to the Society by Will.

A Specific Bequest - In this case, the donor's Will directs a specified item of property to be conveyed to the Society.
A General Bequest - In a general bequest, the donor's Will directs that a sum of money or a percentage of the estate be conveyed to the Society.
A Residual Bequest - A donor may stipulate through the Will that all or a portion of the estate, after other distribution have been made, be transferred to the Society.
A Contingent Bequest - With this option, the donor's Will directs that a portion of the estate be transferred to the Society if for some reason the donor's primary intentions cannot be satisfied.
minisink history
Making A Gift of Securities or Mutual Fund Shares

A gift of appreciated securities such as stocks, bonds, or mutual funds, held for more than one year, can be deducted at fair market value. You and the Society can benefit from the recent rise in the stock market. Your deduction may not exceed 30 percent of adjusted gross income in any single year, but carryover is permissible for five more years. The donor pays no capital gains tax by making such a gift.

Stock certificates in your possession
  1. Send the unsigned stock certificates to the Society, along with your "letter of instruction." We recommend using registered mail.
  2. In a separate envelope, enclose your signed stock power, and a copy of the letter of instruction.
  3. Please be sure to include the following information in your letter of instruction: your name, name and number of shares to be donated, and designation of your gift to the Society generally, or to one of our restricted funds.
  4. The Society will subsequently provide you with all the necessary IRS documentation for your tax-deductible gift.
Stock certificates held by your broker
  1. Inform your broker of the number of shares and gift designation, preferably by letter.
  2. Send a copy of your letter to the Society.
  3. The Society will contact your broker with wire transfer instructions, or have your broker contact us for instructions.
Mutual fund shares

Inform your mutual fund account representative of the number of shares to be given by letter, with guaranteed signature, and request direct transfer of the shares to the Society's account with SalomanSmithBarney here in Port Jervis, New York.

Interested donors should feel free to approach the Society's representatives to discuss options and potential plans. Our society's attorney has volunteered to assist donors if they need advice. Please contact the Society's director for further details. Final transactions, of course, are executed by the donor's designated tax or legal advisors.

Peter Osborne, Former Executive Director
Minisink Valley Historical Society
125-131 West Main Street
Post Office Box 659
Port Jervis, New York 12771

Phone: (845) 856-2375
http://minisink.org
Email address: minisinkvalley@gmail.com
minisink history
A Gift For Generations To Come

The following is a partial list of projects the Society would like to carry out, but currently lacks the funds to do so. Every one of the projects are important to our mission and would help us greatly towards preserving our region's history. Some of the projects would require only hundreds of dollars to undertake, others might require several thousand dollars. At least one project, the building of a new state of the art library facility, is estimated at more than $150,000. If a project interests you and you would like to fund it, please call our Society's director so he can provide you with details.

Administrative Needs
  • New Photocopy Machine for Library - $2,500
Projects Relating to the Educational Mission of the Society
  • Heritage Festival for Children - $1,000
  • Fund Intern Program - $5,000 yearly scholarship for intern - 3 days a week for year
  • Stephen Crane Symposium - $15,000
Projects Relating to the Society's Library Collection
  • Archival supplies & storage containers - $1,000
  • Paint room & new carpeting - $3,000
  • Purchase digital equipment to copy collection
  • Contract firm to digitally copy important pieces of MVHS collection
  • Hiring Curator for one year to inventory MVHS Collection - $30,000
Projects Relating to the Society's Buildings
  • New exhibits at Fort Deckerr - $10,000
  • Historic site report and restoration recommendations for Fort Decker - $10,000
  • New roof for Fort Decker - $45,000
    (We have a matching grant of $22,500 towards the $45,000)
  • Reline chimney of Fort Decker for use - $15,000
  • Restore interior rooms of Fort Decker - $25,000 per room
  • New shutters for Kleinstuber House - $100 a pair
  • Paint Kleinstuber House (shutters, trim & porches) - $5,000
  • Restore gingerbread on Kleinstuber House - $5,000
  • Creation of New Preservation Center at Fort Decker Compound - $750,000
  • Replace sewer line to street - $1,500
Long Term Endowment Needs
  • Capital Projects Fund
  • The Minisink Valley Legacy Fund
Copyright © 2015 The Minisink Valley Historical Society. All rights reserved.
Revised December 31, 2013