Establishing a charitable legacy through an endowment or contributing to an existing endowment at the Community Foundation of Northern Illinois (CFNIL) is easy.
TALK TO YOUR FAMILY
- We believe that it is important that the people you care about and who care about you understand your legacy plans.
- An endowment that you create at CFNIL may be the perfect vehicle for family and friends to contribute to the purposes that you support.
- You can use your endowment as a way to engage your family in philanthropy.
TALK TO YOUR FINANCIAL ADVISOR
- An endowment may offer you certain tax benefits. For example, a contribution to an endowment at CFNIL may be deducted up to 50% of adjusted gross income; whereas the deduction on contributions to a private foundation may be limited to 30%.
- There is no upfront cost to you to create an endowment at CFNIL.
- Because there are no upfront costs, more of your gift will be used for the good work you envision.
TALK TO YOUR LEGAL ADVISOR
- When you create an endowment, you are entering into a formal agreement with CFNIL.
- In making a legacy gift, you can simply ask your attorney to designate CFNIL as a tax-exempt beneficiary, directing the gift to your endowed fund.
- CFNIL is bound by both the terms of the endowment agreement and by law to honor your charitable intentions in perpetuity.
TALK TO US
- We are happy to work with you or your advisors to establish your endowment.
- We can work with you individually or together with you and your advisors.
- You can ask your advisors to work with us directly on your behalf.
- To learn more, call CFNIL President Jon Bates at 779-210-8201.