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 Thursday, Dec. 24, 2020, through Sunday, Jan. 3, 2021. Offices will reopen on Monday, Jan. 4, 2021, at 8:30 a.m.
Donations delivered to the Foundation offices by noon on Dec. 20 will be processed the same day. Donations delivered after noon on Dec. 20 will be processed beginning Jan. 3, 2021.
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 2020 contribution for tax purposes:
Give online. A 2020 tax receipt will be issued for any gift received by Dec. 31, 2020, at 11:59 p.m. CST.
Call (773) 442-4210. A 2020 gift receipt will be issued for any gift left on our voicemail by Dec. 31, 2020, 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, 2020, in order to receive a 2020 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, 2020, in order to receive a 2020 tax receipt. Mail to: NEIU Foundation, 5500 North St. Louis Avenue, Chicago, IL 60625.
Transfer of stock
Any transfer of stock must be completed by Dec. 31, 2020, in order to generate a 2020 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 2021!
Tips to consider before making your year-end gifts:
The CARES Act, which took effect on March 27, 2020, allows for a universal charitable deduction in 2020. When you give up to $300 you may be eligible to take an above-the-line deduction on your taxes. For more information, visit irs.gov or contact your financial advisor.
- The CARES Act also waived required minimum distributions (RMDs) during 2020 for IRAs and retirement plans. While not required, if you are at least age 70 ½, donating a distribution from your IRA as a qualified charitable distribution (QCD) still may reduce your taxable income by up to $100,000 per individual—$200,000 per couple filing jointly—for the 2020 tax year.
The SECURE Act, which took effect on January 1, 2020, mandates many "stretch" IRAs must be cashed out within 10 years. This means that retirees may now inadvertently pass along a tax burden to their adult children who are set to inherit these IRAs.
- To reduce tax implications, consider naming the NEIU Foundation as a beneficiary for existing IRA accounts. This ensures that 100% of the value of your IRA will benefit a qualified charity, with no taxes due, and you will have peace of mind knowing that 100% of your donation will support Northeastern’s educational mission.
In addition, many Donor Advised Funds (DAFs) do not have a beneficiary named, nor have the donors provided clear instructions to a successor advisor about how future grants should be made from these funds. Consider naming the NEIU Foundation as a beneficiary to your DAF, and please contact us, so that we can record your intentions for a future gift.