Gifts by Bequest to the
Princeton Public Library
In 1884, when Edward Goodnow gave the Goodnow Memorial Building to the Town of Princeton, he specified in his Deed of Gift that the building be used as “a Free Public Library and Reading Room… suitably maintained for all coming generations... and a means of education… for all the Inhabitants of Princeton.” In order to achieve this, the Trustees of the Goodnow Memorial Building encourage members of the Princeton community to support the Library.
A way to do this is to remember the Library in your will. For legal purposes, please designate the Trustees of the Goodnow Memorial Building, Princeton, Massachusetts.
We are a 501(c)3 charitable organization and gifts are tax deductible to the extent allowed by law.
An outright bequest is a gift designated for immediate use. Either a dollar amount or a
percentage of the estate is specified.
You may also make a contingent bequest, which provides for your family and friends
first and benefits the Library only if the named beneficiaries predecease you.
With a bequest to the Library, your gift is added to the Library’s Endowment. The principal of the Fund is preserved in perpetuity and managed by the Trustees. Only the income is spent. A bequest of $10,000 or more may be used to create a named, separately maintained Endowment Fund. A gift of less than $10,000 will be designated for addition to the Library’s General Endowment Fund.
Designating the Use of a Bequest
Although an unrestricted bequest is of particular value to the Library because of the flexibility it provides, some people understandably wish to support a specific aspect of the Library. For example, you may wish to designate your bequest for the purchase of books or for maintenance of the Library building. You may designate how you wish your bequest to be used whether you make an outright bequest or an endowment bequest. If you do wish to designate your bequest, you should describe the use as broadly as possible. If circumstances permit, we urge you to consult the Trustees before drafting a detailed plan. This will ensure that your plan is carried out as you wish. If you do designate your bequest, we request that you also include the following clause:
If, in the opinion of the Trustees of the Goodnow Memorial Building my gift cannot be usefully applied for such purpose, this bequest may be used for a purpose the Trustees believe is most in keeping with my expressed wishes.
Click to see the Gifts and Donations Policy.
For more information: contact the Chair of the Trustees of the Goodnow Memorial Building.