Golden Eagle family and friends, thank you for your generous support this year. Northeastern Illinois University and the NEIU Foundation wish you a happy and safe holiday season.
The NEIU Foundation offices will close for the holiday break from Friday, Dec. 24, 2021, through Monday, Jan. 3, 2022. Offices will reopen at 8:30 a.m. on Tuesday, Jan. 4, 2022.
Donations delivered after noon on Dec. 23 will be processed beginning Jan. 4, 2022.
WAYS TO GIVE
There are a variety of ways to make your end-of-year gift. Please consider the following guidelines if you want your gift to count as a 2021 contribution for tax purposes:
Give online. A 2021 tax receipt will be issued for any gift received by Dec. 31, 2021, at 11:59 p.m. CST.
Call (773) 442-4210. A 2021 gift receipt will be issued for any gift left on our voicemail by Dec. 31, 2021, at 11:59 p.m. CST.
Email the NEIU Foundation at firstname.lastname@example.org with your gift intention by 11:59 p.m. on Dec. 31, 2021, in order to receive a 2021 tax receipt.
Gifts of cash, check and credit cards sent via regular mail must be postmarked (and checks must be dated) no later than Dec. 31, 2021, in order to receive a 2021 tax receipt. Mail to:
5500 North St. Louis Avenue
Chicago, IL 60625.
Transfer of stock
Any transfer of stock must be completed by Dec. 31, 2021, in order to generate a 2021 tax receipt. For more information about making gifts of stock, call (773) 442-4210.
Official name: Northeastern Illinois University Foundation
Thank you for supporting Northeastern, and we look forward to your continued support in 2022!
Tips to consider before making your year-end gifts:
Unlike 2020, IRA Required Minimum Distribution (RMDs) are required in 2021.
The March 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act waived all RMDs in 2020 for individuals over the age of 70 ½ with specified retirement accounts. In 2021, RMDs are required for those who are age 72 or older. If you need to take an RMD, consider having your IRA administrator send it directly to the NEIU Foundation as a qualified charitable distribution (QCD). QCDs do not count as income, potentially decreasing your adjusted gross income (AGI) up to $100,000 and therefore your tax liability. So, you could receive a tax benefit whether you itemize your taxes or not.
Like 2020, you do not need to itemize to take a charitable deduction on your 2021 taxes.
The universal charitable deduction remains available for 2021. When you donate up to $300 per taxpayer, $600 for a married couple filing jointly, you can take an "above-the-line" deduction on your taxes, allowing you to reduce your AGI, and consequently, your taxable income. This deduction is only for gifts made in 2021 to qualified charities, and does not include contributions to donor-advised funds or to family foundations.
If you itemize for 2021, you can once again deduct 100% of your AGI for charitable contributions.
If you itemize your taxes in 2021, you can deduct cash gifts of up to 100% of your AGI, effectively eliminating your federal tax liability, as the CARES Act provision has been extended for 2021. In a typical year, individuals can only take a charitable deduction of 60% of their AGI, no matter how much they donate.