Make Cranberry even better!
How can you leave a Legacy that makes your community better? Create a planned community asset that future generations will enjoy. By establishing your plans through Cranberry Legacy Endowments, your investment can not only improve our community but could be tax deductable and utilized for estate planning. This is a great opportunity to create something new or establish memorial/naming rights to an existing asset.
The possibilities are unlimited. Here are some ideas based on existing assets and new assets:
Existing Assets: Many assets that are currently in use are available for improvement and can be used as memorials or given naming rights. Many of Cranberry’s ball fields are available for businesses or individuals. Trails, sled riding hill, shelters, tree groves, section of the library, gardens, and more can all be enhanced with your endowment and used as a memorial through a Legacy Endowment.
New Assets: Creating new assets to implement the master plan of Cranberry’s public parks is just one possibility – from new shelters, fountains, playgrounds, and sculptures to creating entire new parks. They can also include our library, fire department, school district, and BC3 in Cranberry.
Funding new assets:
All of the methods used to fund Legacy Endowments are available to fund community assets. In a few cases, when an irrevocable trust or CLE-owned insurance policies are utilized, the asset can be built in advance of distributions. Each asset is different in funding, but what is consistent – beyond the direct cost of the asset – is the establishment of an Endowment to support the maintenance of the asset, typically around 25% of its original cost. So if you created a new asset which cost $200,000, it would also require another 25% ($50,000) to keep that asset in good repair. Each year the endowment would pay into a sinking fund for any maintenance, insurance or repair costs – assuring your asset is designed to last forever. For smaller assets like memorial park benches, you would pay the asset cost ($500 for a bench, for example) and then fund a CLE endowment with a minimum of $10,000. That endowment would assure eventual replacement of the bench, but it can also be used for other distributions that do not have to be specifically for the park.
Funding Existing Assets:
Funds to support existing assets will be used by the Cranberry Legacy Endowment to benefit the group that owns those assets. The benefit of working with CLE rather than the owner of the asset is that you know the endowment cannot be touched by the recipient’s board of directors and will provide income forever. In addition, your Legacy Endowment will be recognized annually in our Annual Report and encourage others to follow suit.
Questions and answers:
- I want to establish an endowment for naming rights with a nonprofit that does not want the money going to Cranberry Legacy Endowment. Will you still recognize this donation?
We recognize that many nonprofit groups have need for immediate use of the capital to build their project, but we will only recognized donations made directly to CLE.
- Why does buying a park bench via CLE cost $10,500?
Our real focus is establishing Community Endowments and providing choices in doing so. You can easily purchase a park bench or other assets directly through the township at face value.
- How can you offer Township assets to private donors?
We have an agreement with the Township; their relationship with “Friends of the Park,” a nonprofit group, allows us to offer you tax deductions for your contributions consistent with IRS law. Annual proceeds then go into a fund that supports this asset or benefits that specific park use. That money is made available to the Township to use for this purpose.