Can I be a philanthropist?
What does the Community Foundation offer?
How can I make a gift to the Foundation?
What types of funds does the Community Foundation offer?
How can I create a fund at the Foundation?
How do I recommend a gift from my donor advised fund?
Yes! Everyone can be a philanthropist! You need not be a millionaire to make a significant gift to your community. A community foundation is a vehicle for people of all means to make a lasting difference. The Illinois Prairie Community Foundation offers a variety of simple, flexible and effective options for those who wish to help their community. Your gift through the Community Foundation can benefit the agencies or causes you choose, or can enable the Foundation to focus on new causes as times and needs change. Gifts are invested to generate resources for grantmaking, creating a lasting legacy of compassion and support for charitable organizations so they can serve the citizens of McLean, Livingston, DeWitt, Logan, and adjacent areas in Tazewell, Woodford, LaSalle, Ford and Piatt Counties both today and tomorrow.
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Permanence – As a permanent endowment, the principal will never be spent, but the earnings will be there to support the locale or the cause of your choice into the future.
Tax advantages – Because the Community Foundation is a public charity rather than a private foundation, all donations qualify for the maximum available deduction for charitable contributions.
Flexibility – You may choose general charitable purposes or a specific cause, make modest gifts or large ones.
Professional administration – Allows funds and small charities alike to have access to high quality management they might not have otherwise. Investments are overseen by the Community Foundation’s Investment Committee and outside managers.
Assessment of current needs – The Community Foundation continually assesses the changing needs of McLean, Livingston, DeWitt, Logan and adjacent areas of Tazewell, Woodford, LaSalle, Ford and Piatt Counties and awards grants to agencies best addressing those needs. Grants are made from Unrestricted and Field-of-Interest funds.
Education – The Community Foundation provides educational resources and seminars for the public, professional advisors and charities. The Community Foundation participates in helping all parties understand the potential impact of social capital, in part through participation in the “Leave A Legacy” program.
Immediate Gifts – Outright gifts of cash or securities may be sent directly to the Community Foundation. Funds may also be wired to the Foundation's account at First State Bank, 204 N Prospect Rd., Bloomington, IL 61704. Securities may be wire-transferred to our brokerage account at First Allied Securities (Bear Stearns) or Wachovia Securities. Please contact us for correct wire information at (309) 662-4477 or info@ilprairiecf.org
Estate Gifts – Bequests should be designated to the Illinois Prairie Community Foundation, Inc. They may be unrestricted, directed to a Field-of-Interest fund, or designated to a specific charity.1, 2
Planned Gifts – Gifts providing income for life and/or for a second beneficiary are often desirable vehicles for significant philanthropy. A charitable remainder trust may be established with the Community Foundation as ultimate recipient1 of the gift and the donor(s) receiving a stream of income for life. A charitable lead trust gives income to the Foundation for a designated period of years, with the remainder going to non-charitable recipients. There are many ways to benefit yourself and family as well as leave a significant impact on your community. Community Foundation staff is glad to assist donors in exploring possibilities. Donors should always consult their own attorney and/or financial advisors.
1 Estate and planned (deferred) gifts must include the proviso that the Board of the Directors of the Community Foundation may change the designation, retaining as closely as possible the original intent, should the charity or the need cease to exist.
2 Click here for Sample Bequest Language
Unrestricted Endowment Funds – Ideal for forward-thinking individuals, organizations, and corporations who know the needs and strengths of the community may change. The Board of the Community Foundation decides which causes receive grants from Unrestricted Endowment earnings. Unrestricted gifts to the Foundation provide the most flexibility for the Board to meet changing needs.
Field of Interest Endowment Funds – You may prefer your gift be used to address a specific need or area of concern. The Community Foundation makes grants to a variety of not-for-profit organizations serving seven fields of interest: Arts and Culture, Community Development, Education, Environment, Health and Wellness, Human Services, and Youth. For example, earnings from an education fund may provide extra computers one year, teaching tools the next, and specialized training the following year.
Designated Funds –
Endowment – A simple way for donors to perpetuate their gifts to the specific charitable organization(s) of their choice, often ones with which they have been involved during their lifetimes. An agency or organization may establish a designated endowment fund, thus relieving them of the complexity of establishing their own foundation. The Community Foundation provides investment management and federal and state tax reporting, so the organization can concentrate on providing programs and services. Earnings from Designated Endowment Funds stabilize organizations through variations in the annual income.
Pass-Through – The Community Foundation serves as the financial conduit for special community projects. Such a fund may be established as a “pass-through” (where all of the funds may be distributed) or as a combination of pass-through and endowment fund.
Donor Advised Funds
– This type of fund, either endowment or pass-through, allows the funding donor to remain actively involved with grantmaking. The donor recommends or advises potential grants (recipients and amounts) to the Board of the Community Foundation. The Board may consult with the donor about meeting needs it has identified. The Board of Directors makes all final granting decisions. A donor may contribute to their fund in a good year or for tax purposes, then recommend distributions over time. A Donor Advised Fund serves much the same function as a private foundation without the complexities and with some greater tax advantages.
See Planning Your Fund.
Contact us and we will be delighted to talk to you about creating a fund at the Illinois Prairie Community Foundation. To help you think about your new fund, you can print our Planning Your Fund worksheet. Once your plan for your fund is complete, we will provide the legal document that establishes your fund, and you will be asked to make your first gift to your fund. You can also plan a schedule of contributions to build your fund over time.
When you are ready to recommend a gift from your donor advised fund, fill out a Donor Advised Fund Distribution Recommendation Form and mail or bring it to our office. Please remember that each gift from a DA fund must be a minimum of $100. Please allow at least 3 weeks for the organization to receive your gift. If you are making several gifts at the same time, you can fill out one DA Recommendation form and attach a list of the organizations, their addresses, and the amounts you want to recommend to each.
Note: Gifts can only be made to organizations with 501(c)3 designation. If the Foundation needs to obtain proof of a new organization's 501(c)3 designation, it may take longer for your gift to be received by the charitable organization.
Last revised: January 28, 2008