Estate Planning
Including ICC in your estate plan can be a simple way to make a significant gift to the Foundation.
Planned Giving
You may choose to name the Foundation in your will, or as a beneficiary of a retirement plan or insurance policy.
The ICC Educational Foundation has several easy-to-understand brochures on planned giving options. Please email your interest to [email protected] and we will send them to you with our compliments.
Read more about options for making a gift through your estate:
-
Real Estate
The Foundation gladly accepts real estate and does so on a case-by-case basis. We may require an environmental site assessment. Due to the cost associated with gifts of real estate, only gifts estimated to be valued in excess of $10,000 will be accepted. Properties with mortgages will be considered on a case-by-case basis. Mortgaged property is not acceptable for charitable remainder trusts.
-
Charitable Remainder Trust (CRT)
The trust is created by you as the donor with an irrevocable transfer of assets into the trust which then pays you a fixed dollar amount for life or a designated term. You can also provide income for others, if you desire. At the end of the trust term, the remaining principal is distributed to the ICC Educational Foundation. This is a great way to make a generous gift to the Foundation during your lifetime. The trust can provide a fixed, steady income to you or another beneficiary. You save taxes by removing assets from your estate and completely avoid capital gains taxes on any appreciated interest. You also receive an income tax deduction based on the projected value of the ultimate remainder gift to the Foundation.
-
Charitable Remainder Unitrust (CRUT)
You irrevocably transfer assets to a trust, which will then pay you income annually for life or a designated term based on a fixed percentage (not less than 5%), determined by the fair market value of the trust assets as revalued each year. You can also provide income for others, if you desire. You avoid capital gains tax and save taxes by reducing your estate. You will receive an income tax deduction, which can be carried forward up to five years.
-
Charitable Lead Trusts (CLT)
The charitable lead trust, or CLT, provides an income stream now to the charity with the remainder going back to the donor or his/her beneficiaries. With the irrevocable trust you, the donor, sets a fixed annual gift to be given to the Educational Foundation for a specified period of time. At the end of that period, the remaining amount passes back to you or to beneficiaries of your choosing. A charitable lead trust gives you a way to make a large gift to charity, get a tax income by first donating a portion of the trust’s income to the Foundation.
Stock & Securities
Gifts of stock have been increasingly popular and are an excellent way to show support for the College.
By simply transferring ownership of a security to the ICC Educational Foundation, you can avoid capital gains taxes and can typically deduct the full fair market value of a long-term appreciated security. For the Foundation’s gift crediting and accounting purposes, the value of the securities is the average of the high and low on the date of the gift, in accordance with IRS regulations.
Closely Held Securities
Gifts of closely held corporate stock or other securities which are not publicly traded may also be contributed to the Foundation as determined on a case-by-case basis. Your charitable contribution would be based on the fair market appraised value of the securities. Gifts of securities that require a holding period may be accepted and can be sold when the holding period has expired. Gifts of securities that will not be accepted include: securities that are assessable or in any way could create a liability to the Foundation; securities that, by their nature, may not be assigned; and securities that on investigation have no apparent value.
Tax Information
We are an Illinois not-for-profit corporation, a tax-exempt charitable organization under Section 501(c) (3) of the Internal Revenue Code.
Legal name: Illinois Central College Educational Foundation
Address: 1 College Drive, East Peoria, IL 61635
Federal Tax Identification Number: 37-1207827
View our Form 990 Income Tax Return.
Educational Foundation
Fri: 8 am – 2 pm