The Depository is a service of the Community Foundation of Central Illinois that assists the Foundation in accomplishing one of its primary goals – the promotion of philanthropy. In many ways the Depository works like a charitable checking account. Depositors make deposits, usually in the form of appreciated marketable securities. The Depository immediately converts all non-cash deposits into cash, and the net funds are held in the Depository’s “bank” until the depositor directs the Depository as to when and how distributions are to be made to IRS-recognized charities.
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By depositing appreciated stock, the depositor can earn a tax deduction at the full market value of the securities given to the Depository without ever having to pay capital gains on the appreciation in value of the securities. You have, therefore, increased your charitable giving over what would have been available if you had sold the stock yourself and distributed the after-tax proceeds directly to your charities.
Utilization of the Depository not only saves you the capital gains tax, but it allows you to time your deduction so that you gain the maximum write-off immediately while retaining control of when the specific donations are made out of your Depository “bank account.” That is because you can “park” the funds in the Depository for years, if you'd like. Distributions to the charities selected by you do not have to be made in the same year that your tax deduction is earned.
The Depository is an exceptional vehicle for most types of charitable giving – whether that giving is a once per year contribution or many donations to multiple charities throughout the year or over several years.
While distributions from the Depository are appropriate for most types of charitable giving, Depository distributions may not be used to pay for charitable promotions or events that include the exchange of goods or services (such as raffle tickets, charity golf events, or benefit banquets) and may not be used to satisfy pledges made prior to your deposit of securities or funds.
Opening a Depository account is easier than opening a bank account. It can be done in a matter of minutes in person or over the phone. Just follow these simple steps:
For further information about the Depository, please contact the Community Foundation of Central Illinois office by calling (309) 674-8730, or email us at firstname.lastname@example.org.
The Community Foundation of Central Illinois is confirmed in
compliance with National Standards for U.S. Community Foundations