ILLINOIS TRUCKING FOUNDATION
The Illinois Trucking Foundation was established in 2015 to fund education and research projects for the Illinois trucking industry. The Foundation is governed by a board of directors. The mission of this all volunteer organization is to work with ITA member companies to fund educational and community service programs to enhance the understanding of and image of the Illinois trucking industry, with the ultimate goal of positioning trucking as the most vital and necessary industry in Illinois.
HOW TO CONTRIBUTE
Although gifts of cash are most common, there are various and equally important ways to support the Foundation in its educational efforts. The Illinois Trucking Foundation greatly appreciates all gifts, regardless of size. For more information on how to make a donation to the Foundation, or to request a scholarship application, please call toll free 844-813-0003.
One of the more common ways of supporting the Foundation is in the way of gifts in memory of or in honor of an individual. These contributions are recorded in the permanent record of the Foundation and are recognized in Illinois Trucking Foundation publications. Immediate relatives of those memorialized with the gift are notified of all donations.
GIFTS OF STOCK
Your broker can assist you in making a gift of stock via a direct transfer. Giving a gift of publicly traded stock that has increased in value and that you have owned for more than one year may provide greater tax benefits than giving cash. Your charitable income tax deduction is equal to the fair market value of the stock and you avoid paying the capital gains tax on any increase in the current value over the original cost of the stock. You may also save by not incurring brokerage fees because you are transferring ownership rather than selling the stock.
Deferred or planned gifts enable the Foundation to plan for the future because they will be realized at some later date. You can make a planned gift by naming the Illinois Trucking Foundation as a beneficiary of a paid-up life insurance policy. A gift of life insurance entitles you to a tax deduction equal to your cost basis in the policy or its replacement cost, whichever is less. You can make a planned gift to the Foundation and receive an income for life through the establishment of a charitable gift annuity or charitable trust that names the Foundation as a beneficiary. Your attorney can advise you of the various types of charitable trusts and the estate tax benefits of each, and assist you in setting up a planned gift that is tailored to your personal needs. You may also want to talk with your attorney or financial adviser about the tax benefits of naming the Foundation as a beneficiary of your retirement plan.
One of the easiest ways to make a gift to the Illinois Trucking Foundation is by leaving the Foundation a bequest in your will. There are several ways you can do this. You can 1) give a specific amount of money to the Foundation; 2) give a specific item of property to the Foundation or 3) give a specific percentage of the residue of your estate to the Foundation (the residue of your estate is that which is left over after all specific gifts have been made, whether charitable or non-charitable).
The Illinois Trucking Foundation accepts workplace contributions from member companies as well. ITA staff can help you develop a workplace giving campaign, much like a United Way campaign, in your business.
Increase your donation with employer matching funds. Many employers will match the personal donations of its employees and associates. The program can be in conjunction with a workplace contribution campaign.