• How much money do you want to leave your posterity?
• Do you have the desire to better your community?
• If you could leave more of your wealth to your family and continue to support the charities you care about most, would you be interested?
Some of the greatest opportunities to make significant charitable contributions occur just when a client is making other major life decisions. Some of the special circumstances in which "planned giving" can benefit both the community and the donor's heirs are:
-Writing or revising a will
-Contemplating the sale of a business or other major asset
-Planning for retirement
-Having received a financial windfall
In each of these situations, planned giving represents an opportunity to achieve important business or personal goals while gaining the satisfaction of helping the community.
The flexibility of the Community Foundation can mean a lot to your client. Whatever the charitable wish--to house the homeless, support education or the arts, clean up a neighborhood park, or participate in a broad revitalization initiative--we can be of real service. Your client can choose one or a combination of our basic types of funds to create a customized plan for fulfilling a philanthropic dream, all the while helping the donor achieve maximum tax benefits.
The funds we have available include:
• Unrestricted Endowment
A permanent endowment that is used to address the most
pressing needs of our community - currently and in to the future.
Paying particular attention to the changing needs of the community,
the Foundation's Grants Committee is charged with allocating the earnings
from these funds by reviewing grant applications from any charitable organization
in east central Illinois and making recommendations that approved by the
Board of Trustees.
• Field of Interest Fund
An endowment that allows the donor to devote the gift to a specific area such as education, youth programs, the arts or other areas. The Foundation then solicits grant applications from organizations within those fields.
•Donor Advised Fund
A fund that allows the donor to be actively involved in continued charitable giving. This type of fund is attractive because it allows the donor to continue to participate in its use and benefit to the community. And, it is convenient for end-of-the-year giving when you wish to make a charitable donation, but have not decided which organizations you would like to support. You receive an immediate tax deduction for the contribution, and you can take as long as you want to decide how to allocate the funds.
From time to time, the donor may suggest who is to benefit from this gift. The Community Foundation's Board of Trustees must approve the donor's recommendation to assure that distribution is in line with IRS regulations and the Foundation's Constitution and Bylaws.
• Restricted Fund
A fund for which the donor names one or more organizations or beneficiaries to receive the income generated. If the organization ceases to exist, the Foundation will redirect the income to other organizations with similar purposes and missions insuring the integrity of your original intent.
• Scholarship Fund
A fund that you can establish in your name, or in the name of someone you wish to honor or memorialize, to benefit deserving students. The Foundation will solicit applications and make awards based on criteria you establish for creditable recipients.
• Agency Endowments
Any nonprofit organization in the county can take advantage of Community Foundation of East Central Illinois to invest and manage its endowment fund. The organization will receive greater returns from pooled funds, sound fiscal management and reporting, diversity of investment and reduced management fees.
• Mary K. Peer Fund for Administrative Expenses
Contributions in any amount may be added to our administrative fund. Mary K. Peer, a devoted board member and community volunteer, established this fund to preserve the Foundation's commitment and purpose in the community. The Foundation uses the earnings from this fund for operating expenses, preserving all principal investments.
Each fund represents an opportunity to best serve your client's wishes. After selecting a desired fund, we will then work with you and your client to review fund documents and plan for the future. All planning is confidential and gifts may be anonymous, if desired.
We will assure that if a change of circumstances makes compliance with the terms of the gift instrument "unnecessary, undesirable, impractical or impossible," we are able to carry on your client's charitable wishes in perpetuity.
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