Current gifts are those that are given outright and can be used immediately by the School. These gifts are fully deductible for federal income tax purposes, subject to the limitations placed on charitable gifts by the Internal Revenue Service.
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Electronic Funds Transfer
Electronic Funds Transfer is a quick and convenient way to give directly from your bank. Simply fill out the EFT Authorization Form. It allows you to designate the amount of money you want, either in one sum or over time in installments.
In many cases, companies will double or triple your generous gift. Find out if your company will match your gift by checking our Matching Gift Corporate List. Eligible donors for a corporate matching gift may include retired employees, spouses of employees, or widows and widowers of former employees depending on the corporation's giving policy.
Give by Mail
If you prefer to give by mail, please send a check or money order, made payable to the University of Illinois Foundation. On the memo line of your check, designate the specific fund you would like to receive your gift. Please note the iSchool Annual Fund is an option. If you choose to mail your gift, the date of the gift is the postmark date. Send your donation to:
University of Illinois Foundation
P.O. Box 734500
Chicago, IL 60673-4500
There are a variety of non-cash giving methods that can help you align your personal financial priorities with your philanthropic goals at the iSchool. We can work with you and your advisors to develop a gift plan that best fits your objectives. Regardless of the method you choose, please note that all gifts should be made to the University of Illinois Foundation ("UIF") for the benefit of the iSchool.
Gifts of Securities
Publicly-traded stock and mutual funds with large unrealized profits (long-term capital gains) make great gift options. The profit on your donated securities will escape taxation and your charitable deduction will be the full market value of your investment as long as you have held your security for more than one year. Your gifts of securities may be deducted up to 30% of your adjusted gross income with a five-year carryover for excess deductions. Please contact UIF’s Cash Receipts Office (email@example.com or 217-244-0352) for updated gifts of securities delivery instructions.
Charitable IRA Rollover
After you have attained the age of 70 ½, you are permitted to transfer up to $100,000 annually from your IRA to a qualified charity like UIF. The funds must come directly from your IRA provider with the check written to UIF. The direct transfer has two main benefits: 1) Any funds transferred will count towards or cover your required minimum distribution (“RMD”) for that tax year, and 2) distributions are not added to your taxable income. (Please note that while you will not receive a charitable deduction for these gifts, excluding them from your income is more advantageous than a deduction.)
To make your rollover gift, instruct your IRA administrator to send a check payable to the "University of Illinois Foundation" P.O. Box 734500, Chicago, IL 60673-4500, for the benefit of the iSchool. Please also ask your administrator to include your name and preferred designation at the School (including, if applicable, fund name/number) on your check’s stub.
A bequest is one of the simplest ways to make a deferred gift. You can make a bequest by including UIF — for the benefit of the iSchool — in a provision via your will or living trust. Your bequest can be for a specific amount, a specific asset or a percentage of your estate. Any of these options allow you to make generous gifts while maintaining control of your assets during your life. Bequests given to UIF are not subject to estate tax.
Similar options also exist for retirement plan or whole life insurance beneficiary designations and transferable-on-death or payable-on-death accounts. We can work with you or your advisor to develop customized, recommended bequest language that accurately reflects your wishes to support the iSchool and ensures your gift will be used as you intend.
Gifts that Pay You Back
A charitable gift annuity (CGA) is an easy, popular option that allows you to transfer cash or appreciated, marketable securities to UIF, and, in exchange, you — or up to two people you choose — receive a fixed annual payment for life. After the income beneficiaries pass away, the remaining funds are used to support the iSchool. CGA donors also receive an immediate income tax deduction, subject to applicable limitations, and, in most cases, a portion of their payments tax-free. CGAs also offer an opportunity to diversify your portfolio and, should you decide to use appreciated securities to fund your annuity, capital gains tax savings. CGAs are not available in a small number of states.
You can also transfer assets to UIF to put in a charitable remainder trust ("CRT") which then makes payments to you or others for life, for a term that doesn’t exceed 20 years, or a combination of the two. A CRT can also diversify your portfolio and, when terminated, its remaining assets will be used to support the iSchool.
Please contact UIF Director of Gift Planning Jason James Shuba, JD (312-585-9038 or firstname.lastname@example.org) for further information, including a customized bequest language or a no-obligation CGA or CRT illustration; we also invite you to learn more at http://uiuc.giftplans.org.
The University of Illinois Foundation does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.