Contact Executive Director Diane Foote if you're interested one of these opportunities.
Members are encouraged to refer names of corporate or other prospective donors to the ILA Fundraising Committee for coordinated follow-up.
There are a number of options for planned or deferred giving that allow you to make a significant contribution to the future of library service in Illinois. Depending on individual circumstances, a planned gift may enable you to reduce income, gift, and estate taxes or reduce or eliminate capital gains taxes. Talk with an attorney, accountant, or financial advisor to determine which types of planned giving are best suited to your financial goals.
Wills and Living Trusts
Charitable bequests made through wills or revocable living trusts are a popular way to support an organization. Bequests are simple to arrange, offer flexibility, and can reduce estate taxes. While these are often thought to be the primary types of planned giving, there are other options that may be more advantageous, if not as well known.
Life Income Plans
There are a number of ways to donate cash, securities, or other property and retain lifetime payments for yourself or loved ones. Benefits include a current income tax deduction, as well as other possible tax advantages.
Retirement Plan Assets
In many cases, donating some or all of the assets from your IRA, 401(k), or other qualified retirement plan is a smart option. Gifts can be made during your lifetime or upon death.
Matching Gift Programs
Librarians who work for corporate libraries (or who have spouses who work for corporations) or trustees or friends of ILA who work for a corporation are urged to investigate matching gift opportunities. Contact your firm's human resources department for information and appropriate forms.
Fund for Illinois Libraries
The Fund for Illinois Libraries was created in 1990 to help Illinois libraries in their fundraising efforts. Libraries often solicit funds from the general public, businesses, or foundations. In some cases, donors are permitted to give only to organizations holding IRS 501(c)(3) tax-exempt status. For many libraries, this means foregoing a gift, as the time, effort, and costs of establishing and maintaining 501(c)(3) status are prohibitive.
Other Gift Options
ILA welcomes contributions of a variety of types of appreciated assets such as securities, life insurance, U.S. saving bonds, annuity contracts, and personal property such as real estate.
Contact Executive Director Diane Foote for further information.