LIBRARY NOTES
Barbara H. Stanton
The Wallet
Sunday, January 1, 1995
Celebrations and reciprocal congratulations are in order! Because of the wonderful support of the Library's members - you, gentle readers - the 1993-1994 Annual Appeal raised $86,290. This is the largest amount in three years and an increase of 17% over the 1992-1993 Appeal. Moreover, as of January 4, 1995, the 1994-1995 Appeal stood at $72,164 - ahead of last year at this time. Yet more, the Capital Campaign wallet also is larger than ever, with over $633,000 in gifts and pledges.
The Annual Appeal runs from November to November each year and supplies approximately 10% of the Library's operating budget, particularly its book-buying funds. Contributions to the Capital Campaign, launched in 1993, will be used for one-time expenditures for collection conservation, upgrading and computerization, and for selected building refurbishments such as elevator modernization.
Both the Annual Appeal and the Capital Campaign are essential if the Library is to continue to serve its members as it has in the past. Let us not rest on our laurels, however well-deserved!
This "Wallet "contains a clip-out coupon which can be used to fulfil the Internal Revenue Service (IRS) disclosure requirements added under the Omnibus Budget and Reconciliation Act of 1993 (OBRA). One of the OBRA requirements is that a taxpayer seeking charitable deduction for a contribution of $250 or more made on or after January 1, 1994, be able to present to the IRS a written acknowledgement from the charitable recipient (in this case, the Library) stating that the charity has not furnished to the donor any gifts or services (or, if it has, what their value is). All Library donors of $250 or more since January 1, 1994 (donations are in addition to the membership fees) will be sent such a written statement confirming the full tax-deductibility of their contribution -- and our future contribution acknowledgements will be amended to conform to the OBRA requirements.
However, if for some reason the new written statement becomes misplaced, our lawyers tell us that the Library acknowledgement sent each donor at the time of the contribution plus the following wording as published in this Library Notes will suffice as confirmation for the IRS:
The New York Society Library is a 501(c)(3) corporation. Contributions are fully tax-deductible. No goods or services have been or will be provided to you in consideration for your donation. You should retain this acknowledgement for your tax records.
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