Lifetime Gifts
There are many ways you may support the Illinois Bar Foundation as part of your lifetime giving endeavors.
Making immediate plans to support the Foundation now or in the near future permits you to promptly receive recognition for your support. The strategies discussed here may provide you with income tax benefits as well. We encourage patrons of the Foundation to first consider immediate cash donations and gifts through our Champions program, provided we offer a variety of other giving alternatives that may better suit your objectives.
Cash Donation
By making a cash donation to the Illinois Bar Foundation, you will immediately have an impact on the work of the Illinois Bar Foundation. An outright gift can be made online or by check. Large donations can be restricted to build the endowment or directed to fund specific projects related to the mission of the Foundation. Cash gifts may be made in memory of a particular individual. You may make a cash donation to the Illinois Bar Foundation here.
Become a Champion
By committing to give a fixed annual amount to the Illinois Bar Foundation for ten years, you will be recognized as one of our Champions. Becoming a Champion grants you special recognition at the ISBA Annual and Midyear Meetings, on our website, and in publications such as the Chicago Daily Law Bulletin, Illinois Lawyer Now, and the Illinois Bar Journal, among other opportunities for recognition.
Learn more about our Champions program and register to become a Champion here.
Qualified Charitable Distribution from your IRA
A Qualified Charitable Distribution (“QCD”) from your IRA may allow you to both provide an immediate benefit to the Foundation and reduce or eliminate income taxes caused by required minimum distributions you do not want or need. In general, the Internal Revenue Code permits you to direct up to $100,000 of your annual required minimum distributions from an IRA to a 501(c)(3) organization like the Illinois Bar Foundation.
The QCD must occur through a direct transfer of funds from your IRA custodian to the Foundation. The portion or all of your required minimum distributions that are transferred to the Foundation in this manner, up to $100,000, are not included in your taxable income. Typically, withdrawals from an IRA, including required minimum distributions, are includable in your taxable income at ordinary income rates. Taking advantage of a QCD permits you to both support the Illinois Bar Foundation and directly reduce your taxable income, rather than merely claim a charitable deduction.
If these advantages of a QCD are appealing to you, we recommend you discuss making a QCD to the Illinois Bar Foundation with your tax advisor or IRA custodian. Certain exceptions and procedures apply to QCD’s of which you should be aware before directing a QCD.
Gift of Appreciated Stock or other Capital Assets
By contributing appreciated stock, bonds, real estate, or other capital assets that you have owned for more than one year, you may receive an income tax deduction for the full fair market value of the asset. You also avoid capital gains that would result if the stock or other appreciated property was sold and the proceeds then donated. Moreover, in the case of real estate, by donating the property to the Foundation, you rid yourself of your obligations to pay real estate taxes, insurance, and costs of upkeep.
Please contact Stacey Meehan to discuss any such donations you may wish to consider.