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
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
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.