Recent Grants

Community Foundation of Northern Illinois Discretionary Grants for 2007 Fiscal Year

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News Releases

Junior Achievement Receives $11,200.00 Grant
- June 14, 2007-
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$120,000 in Scholarships Available at Community Foundation
- January 9, 2007-
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Memorial Hall Board of Trustees Receives Grant
-January 3, 2007-  

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Violence Prevention Collaborative Receives Grant
-January 3, 2007-  

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Community Foundation Backs America in Bloom with $45,000 in Neighborhood Grants
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Giving: Some Strategies To Warm Your Heart

CASH: THE GIFT OF LAST RESORT
When considering year-end giving, remember that gifts of appreciated assets earn the same tax deductions as cash, but more importantly, they sidestep capital gains taxes. Remember that you must contribute the asset, not the proceeds from the sale of the asset. Tell your broker that you are gifting the asset to the Community Foundation, which will then give the order to sell. If you sell the appreciated asset before donating it, you will incur capital gains taxes and realize a smaller gift - and consequently smaller tax deduction - after transaction fees. For more information on gifting stocks to the Foundation, call Gloria Lundin at 962-2110 ext. 16.

BULLISH ON CRTS
When markets slip and dividends sag, don't forget the advantages of charitable remainder trusts (CRT). Convert sluggish assets into better income producers by gifting them to the Community Foundation of Northern Illinois to fund a charitable remainder trust without incurring any capital gains. Some donors who had planned to make charitable bequests are making their gifts now, writing off a portion as a tax deduction, and enjoying the enhanced and steady income a CRT provides. Income from CRTs typically ranges from 5-12 percent annually, but payouts can be delayed until retirement years, when added income may be taxed at a lower rate. Get more information on CRTs by contacting Gloria Lundin at 962-2110 ext. 16.

CREDIT CARD CONVENIENCE
To make giving as streamlined as possible, the Community Foundation is pleased to accept donations through credit cards. Just call Kaye Connelly at 962-2110 ext. 14 and tell her you'd like to contribute via credit card. Those frequent flier miles can really add up! We can also help you make regular contributions to your Donor Advised Fund or to any of the Foundation's discretionary funds (Community Needs, Arts & Humanities, Neighborhood Grants, or In Youth We Trust) through automatic, monthly deductions from your checking account. Visit our website (www.cfnil.org) to download the form or call us and we'll put one in the mail to you. Fill it out and return it by regular mail or fax (962-2116) to us. We make giving easy!

GIFTING LIFE INSURANCE
If you own a life insurance policy that you no longer feel is necessary, consider turning it into a year-end (or New Year!) gift to the Community Foundation. To receive a charitable deduction, name the Foundation as both the owner and beneficiary of the policy. If the policy has a cash value, you can take a charitable deduction approximately equal to the cash value at the time of the gift. In addition, if you continue to make the annual premium payments, those payments become tax deductible. Please check with your life insurance agent for details.

GIFTING IRA ASSETS
By planning now and working with the Foundation, donors can use IRAs to benefit their favorite charities, rather than sending IRA proceeds to Washington, where Uncle Sam determines their use. IRAs and other tax-deferred retirement plans can be transferred tax-free to the Foundation after death. Please note that an inheritance of these types of assets is eaten up by multiple taxes (income, estate, inheritance, and/or generation skipping transfer taxes). Instead, use your IRA proceeds to give your heirs a "Charitable Inheritance," by directing the assets to a Donor Advised Fund at the Community Foundation of Northern Illinois. When used in this way, IRA assets eliminate a tax burden and give your heirs the opportunity to be philanthropists. Call Gloria Lundin at 962-2110 ext. 16 for more information.

ACORN FUNDS: A TREE TO SHADE THE FUTURE
Acorn Funds are perfect for those who wish to make small annual gifts to build a permanent fund over time. Gift at least $1,000 per year - on a monthly, quarterly, or annual basis - and, once your fund reaches $10,000.00, you can begin to recommend grants to your favorite charities. Through regular giving and the Foundation's savvy investment strategies, you'll be surprised at how fast your fund can reach its goal! Visit our website (www.cfnil.org) for information or call Gloria Lundin at 962-2110, ext. 16. It's also a great way to build a fund for your kids or grandkids and give them a chance to be a philanthropist in their own right!