Creating Your Legacy at Gies College of Business

What Will Your Gies Legacy Be?

Dear Friend of Gies College of Business,

At Gies, we often say that we stand on the shoulders of giants. Our achievements and impact as business researchers and educators is made possible only because of the legacy of those outstanding individuals who came before us. We honor their contributions and our heritage every day as we prepare the next generation of business leaders.

I encourage you to think of the legacy you’d like to leave at Illinois. Whether you knew it as the College of Commerce and Business Administration, the College of Business, or Gies College of Business, you played a role in building our tradition of purpose, vision, and excellence.

Our College depends on donors like you to help honor those who came before us and create a legacy for the future. You can help ensure that Gies Business remains a leader in providing life-changing access to the best business education on earth!

There are many ways to do this. You can provide your support through a gift that can be put to work immediately, or you can choose a planned estate gift that will make an impact for generations to come. I urge you to partner with us to provide purposedriven leadership and education for our students now and in the future.

On behalf of our students, faculty, and staff, thank you for your ongoing support of Gies College of Business.

Jeffrey R. Brown

Josef and Margot Lakonishok Professor of Business and Dean Gies College of Business

Creating Your Most Impactful Gies Legacy

What’s Your Philanthropic Goal at Gies?

Make an Outright Gift to Provide Immediate Support

Make a Gift While Maintaining Flexibility and Control during Your Life over the Assets to be Gifted

The Best Giving Options

• Gift of cash (check/credit card)

• Gift of securities

• Donor advised fund distribution

• IRA charitable rollover

• Gift of real estate

Your Choice Will Help You To:

• See the impact of your generosity during your lifetime

• Save on income tax

• Avoid capital gains tax (if you give appreciated assets)

• A bequest through your will or living trust

• Designation of retirement plan assets or whole-life insurance proceeds

• Direct transfers via transfer-on-death (TOD) or payableon-death (POD) accounts

• Keep control during your lifetime of the assets you’re donating

• Have the flexibility to revise your charitable giving plans in the future

• Make a larger gift than is possible during your life

• Take an estate tax deduction and avoid income tax if UIF is the beneficiary of your retirement plan assets

Gies College of Business partners closely with the University of Illinois Foundation (UIF) to help donors like you leave an impactful legacy to support the mission of our College. There are a wide variety of giving options available to help you meet your philanthropic goals, including options for leaving a larger legacy than you may think is possible, keeping control of your assets during your life, or providing income to yourself or a loved one.

Make a Gift and Receive Fixed Income for Yourself or Others

Make a Gift and Receive Variable Income for Yourself or Others

• A charitable gift annuity (CGA)

• A charitable remainder annuity trust (CRAT)

• A charitable remainder unitrust (CRUT)

• Receive consistent, lifetime income (some potentially tax-free) for yourself and/or others

• Receive a tax deduction for a partial value of the fair market value of your gift

• Save on capital gains taxes if you’re funding your gift with appreciated assets

• Save on current income tax and possibly avoid estate tax

• Receive income for beneficiaries for their lifetime or a term of years, with potential for increased income

• Save on capital gains taxes if you’re funding your gift with appreciated assets

• Save on current income tax and possibly avoid estate tax

Outright Gifts

Cash (Check/Credit Card)

The simplest way to philanthropically benefit Gies, you can use check or credit card to make an immediate difference. We encourage you to give online at go.gies.illinois.edu/give.

Gifts of Securities

Appreciated, marketable securities held for more than a year make great gifts because your appreciation will escape capital gains taxation and your charitable deduction will be the fair market value of your investment at the time of your donation. Please contact UIF’s Cash Receipts Department at cashdesk@uif.uillinois.edu or 217-244-0352 for up-to-date electronic delivery instructions for your gift of securities.

Donor Advised Funds

UIF is a qualified nonprofit to receive grants from donor advised funds. Recommending your donor advised fund to make a grant to UIF for the benefit of Gies is an easy process, and you can ask your Gies Advancement contact for instructions.

IRA Charitable Rollover

After you reach the age of 70½, you are permitted to transfer up to $100,000 annually from your IRA to a qualified charity (like UIF for the benefit of Gies) that will count toward your required minimum distribution (RMD) and not be added to your taxable income. Your Gies Advancement contact has instructions and template IRA administrator instruction letters to help you complete your gift.

Gifts of Real Estate

Your residence, vacation home, farm, undeveloped land, or other piece of real estate all can be donated to UIF for the benefit of Gies. Gifts of real estate require UIF review and preapproval before being accepted.

Estate Gifts

These gifts are flexible because they can be revised at any time during your life, aren’t given until after your lifetime, and can be for a specific dollar amount or a percentage of your estate. These gifts can also reduce your estate-tax burden by subtracting them from your estate’s total taxable value and can be directed to benefit the Gies priorities that matter most to you.

Bequests

You can create a bequest by including UIF for the benefit of Gies in a provision via your will or living trust. We recommend the following language for your bequest:

I leave [% of estate/$ amount/residue] to the University of Illinois Foundation, a not-for-profit corporation (Tax ID 37-6006007) located in the State of Illinois, to support Gies College of Business at the University of Illinois Urbana-Champaign.

Beneficiary Designations

Assets held in retirement plans, whole-life insurance policies, or savings/investment accounts also make simple and tax-efficient charitable gifts. We recommend the following language for your beneficiary designation:

University of Illinois Foundation fbo Gies College of Business

Tax ID 37-6006007

Attn: Gift Planning and Trust Services

1305 W. Green Street

Urbana, IL 61801

Gifts that Pay You Back

Charitable Gift Annuities (CGAs)

A CGA is an easy, popular option that allows you to transfer cash or appreciated, marketable securities to UIF for the benefit of Gies in exchange for a charitable deduction the year of your gift and, based on your age, a specific fixed payment for life. (If unneeded now, payments can also be deferred for at least one year after a CGA’s creation for an increase in both the charitable deduction and annual payments.)

Charitable Remainder Trusts (CRTs)

These options allow you to transfer assets to UIF to put in a trust, benefit from an income tax deduction, and receive payments to you or others for life or a certain number of years. When the trust terminates, its remaining assets are used to support the designation within Gies you chose when you created the trust. (These options can provide fixed or variable income and require slightly higher minimum investment than CGAs.)

UIF can develop a free, no-obligation CGA or CRT illustration customized for your particular goals.