Gifts that require a Fund agreement
More Than A Choice and A Check
Some gifts require more planning than choosing an already established fund you want to give to and sending a check.
If the fund is new--because you are creating a named fund or an endowed fund--then you'll need to work with a gift officer to complete a fund agreement.
According to the University of Illinois Foundation glossary, a fund agreement "establishes the guidelines for the operation of a fund established by gift, property or cash, usually an endowment or quasi-endowment."
These aren't necessarily difficult or complicated. The agreements allow us to make sure that we understand your wishes in regard to the fund and that you understand the requirements and consequences of the agreement.
If You Want To Know More
The Gift Planning section of the University of Illinois Foundation’s website is designed to help you evaluate your options with regard to how and what you donate.
Please remember that our gift officers are here to help you through this planning process. They can also help you know where at UIS you would like your gift to go.
The following sequence of instructions and the information comes from the UIF website (they really are the experts!).
First, discover how to plan the gift.
- Ways to Give
- Estate Gift Language
- Providing for Family and Friends
- Gift Comparison Chart
- Life-Stage Gift Planner
- Request a Calculation
- Glossary
(The Glossary link on the left side of page will give you a pop-up dictionary)
NOTE (quoted from the UIF website): Tax and other financial information provided herein is not intended as tax or legal advice to any individual or other entity. We would be pleased to discuss, in confidence and without obligation, ways in which you may support the University of Illinois and the potential financial outcomes of such support. We also suggest you consult your own tax and legal advisors regarding the applicability to your particular situation of the tax and legal concepts presented herein.
Next, decide how to accomplish your gift intent.
Evaluating the benefits from various methods of making a gift, such as bequests and charitable trusts—in the context of achieving your personal, family, and charitable goals—will help you determine how best to accomplish your gift intent.
Whether your assets are limited to bank deposits and a few stocks—or span the range of CDs and mutual funds to real estate and closely held stock—evaluating what to donate will help ensure that you are benefiting to the full extent possible from incentives in the U.S. tax code designed to encourage charitable giving. The result of choosing the "right asset" to give can dramatically increase the "cost effectiveness" of your gift, which is extremely gratifying for most donors.
Finally, take advantage of the many services provided by the University of Illinois Foundation.
The University of Illinois Foundation provides the following confidential services at no cost or obligation:
- Analysis of income-tax deductions from various gift plans
- Analysis of income received from various gift plans
- Analysis of estate-tax implications of various gift plans
The UIF also provides the following comprehensive trustee services with respect to charitable trusts:
- Investment management
- Trust accounting and statements
- Payment processing with direct deposit capabilities
- Annual filing of trust-tax forms
- Annual tax packet with reportable income- and tax-deduction information
- Post-gift income-tax consultations
- Distribution of designated assets to other charitable organizations as instructed by the donor
- Comprehensive estate planning to address family needs beyond the life of a donor
- Specimen IRS qualified charitable trust documents
- Proper language to ensure an estate gift will be used according to a donor's wishes
- Nationwide attorney and CPA referral
Questions?
For further information about these services, contact the UIS Office of Development (giftinfo@uis.edu or 217-206-6058), or the University of Illinois Foundation (email at uif@uillinois.edu or 217-333-8668).
You can also use the links at left to Meet Our Gift Officers or Send Us A Question.
