A gift that is not designated for a specific purpose is considered "unrestricted." They are incredibly powerful, as they allow the Chancellor, a dean or director to apply the funds immediately toward what they deem the greatest need. Unrestricted funds can be used for many kinds of assistance, including:
- Student or faculty support
- Research aid
- Student travel
Unlike unrestricted gifts, funds given by a donor for a specific purpose or to support a particular department are called designated funds. The best way to make a designated donation is to discuss your wishes with a member of UIC Advancement. He or she can help you find the appropriate purpose for your gift so it meets your philanthropic goals while supporting UIC’s mission.
Current Use Gifts
Current-use gifts are available immediately for distribution, either as undesignated gifts or directly to the area you designate.
Annual gifts (also participation) are often current-use gifts, meaning they can be used immediately. They provide an important source of operational revenue for colleges and units. They are usually used in the year they are received and can support day-to-day needs, student organizations, student travel to professional conferences, graduate student research funding, lectures and seminars and more.
Memorials and Tributes
Commemorative gifts honor or memorialize your loved one, friend or mentor while supporting a cause you believe in. They can be set up as endowments or planned gifts, for example.
Recognition for a memorial or tribute depends on the gift, but may include naming the fund, visible signage or naming of spaces.
Endowed gifts are invested by the University of Illinois Foundation and the resulting earnings help fund your designated cause. Endowments are unique in that they provide funding in perpetuity, as the capital (or book value) remains intact. As UIC’s endowment grows, so does our strength and stability. You can read about the University of Illinois endowment performance here.
You can establish or build an endowment through an outright gift, bequest or a life income gift, such as a charitable gift annuity or a charitable remainder trust, or through pledge payments over time, generally up to five years. The minimum amount required to establish a separate, permanent endowment at UIC is $25,000.
Contact a UIC advancement officer to learn more about establishing an endowed fund.
Many employers will match their employees’ charitable donations. This will sometimes hold true even if you’re retired from the company or if you’re the spouse or widow of an employee. Visit the Foundation’s participating companies database to determine if your company offers this option. Make sure you also check your company’s giving policy to see if you’re eligible.
Many matching gift companies require that participants provide the Federal Tax ID number of the recipient organization when applying for a match. The Tax ID for the University of Illinois Foundation is 37-6006007. The University of Illinois Foundation is a 501(c)3 charitable organization exempt from federal income tax.
A planned gift is one that is distributed from your estate after you pass away. It offers tax benefits and can help you meet your own of family members’ financial objectives, such as increased cash flow or guaranteed retirement income. Read more about planned giving strategies here.
Donor Bill of Rights
UIC and the University of Illinois Foundation have adopted the national standard Donor Bill of Rights, developed by the Association of Fundraising Professionals (AFP), Association for Healthcare Philanthropy (AHP), Council for Advancement and Support of Education (CASE) and the Giving Institute: Leading Consultants to Non-Profits. Please review it here.