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Contributions to Illinois Yearly Meeting are tax deductible because ILYM is a church. For a general discussion about tax deductible contributions, see this IRS page.
Following are some ways to contribute to the work of ILYM:
- Appreciated Stock or Mutual Funds
- In Kind — Property, Equipment, etc.
- Long Term Planning
- Service Work
The information below is far from exhaustive. Please consult the Friends General Conference development pages for many very helpful details about contributing to Friends' organizations like ours.
Illinois Yearly Meeting would cease to exist if it weren't for the faithful support you provide through service work and financial contributions. We hope it is also satisfying to your own soul. Thank you, Friend.
Your cash contribution in support of ILYM's ministries is a wonderful testament of your faith in Friends work.
- At any time, you may send a check payable to Illinois Yearly Meeting to Illinois Yearly Meeting, 5615 S. Woodlawn Ave., Chicago, IL 60637. Your contribution will be considered unrestricted unless there is a restricted fund written in the memo line
- You may also use a Bill-Pay service as part of online banking with your banker. The Bill-Pay service can be used to send scheduled checks to ILYM, using the same destination as above. You retain complete control over the timing and amount of the payments. ILYM benefits from 100% of your donation because no processing fees are charged. A paper check is generated and mailed to ILYM. For the "account number," you should supply meaningful text such as "ILYM-Lastname", filling in your last name. Don't forget to fill in the memo line if the contribution is restricted.
- Donate right here, right now! Using the button below, ILYM will pay about 3% of your donation to the electronic processor. If you are concerned about putting 100% of your donation to work for ILYM, consider mailing a check instead.
In all cases, you will receive a receipt for your donation, and a year-end summary of your calendar year contributions to ILYM.
There are tax advantages for donors who contribute appreciated securities to ILYM. ILYM sells stock upon receipt and pays the brokerage fee. Ask your stock or mutual fund management company how to give a gift to your church. Be sure to contact an ILYM treasurer for some important details before donating your securities.
Because this form of large-gift giving is rare, it should be handled on a case by case basis by contacting an ILYM treasurer.
We invite Friends to include Illinois Yearly Meeting in their future long term financial and estate planning. A gift to Illinois Yearly Meeting of the Religious Society of Friends can be made through a bequest from your will or trust. Unrestricted gifts offer the most flexibility to meet the future needs of ILYM at the time the bequest is received.
See also the FGC development pages for information about estate planning, and Friends Fiduciary Corporation for planned giving information such as a charitable gift annuity or a charitable remainder trust, which can provide Friends with income and tax advantages during their lives with the remainder of the principal of your gift going to ILYM.
ILYM does have a travel reimbursement policy that is intended to help defray travel costs for ILYM representatives attending meetings and conferences of organizations like AFSC, FCNL, etc. Travel funds are limited, so if you have the means, you are invited to pay these expenses yourself, while deducting them from your taxes as a contribution to ILYM. According to the U.S. Master Tax Guide, you are also donating to ILYM when you incur out of pocket, unreimbursed expenses rendering services to ILYM for committee or officer work.
The value of the service (your time spent) is not deductible. However, unreimbursed expenses such as telephone, postage, and most travel expenses are deductible on your tax return. Travel expenses (transportation, meals and lodging), incurred in the performance of church-related service work away from home, are tax deductible if there is no significant element of personal pleasure, recreation or vacation in the trip. In some circumstances, a mileage rate of 14 cents per mile would be deductible, in lieu of a deduction based on the actual expenses occurred.
For this kind of donation to ILYM, it is very important that you consult a tax professional to assist you in documenting your unreimbursed expenses properly. The expense receipts, plus some form of documentation of the work you participated in (agenda, minutes), would be important records to keep. A travel diary is also useful. We can also complete the unreimbursed expenses contribution statement for your tax file.
For donors who can cover these expenses personally (rather than requesting reimbursement from ILYM), you might ask whether ILYM would prefer that you request reimbursement and simultaneously donate the same amount back to ILYM. In other words, does ILYM want to know what all the actual costs were for any given service effort?
Currently, ILYM does not have a policy that states this preference. In current practice, by far most Friends incur and pay these expenses personally, without requesting reimbursement from ILYM. Until ILYM unites to try capturing and documenting the value of all these unrecognized, unreimbursed expenses, it will be simplest if Friends participating in service work will pay the expenses themselves and arrange to deduct them from their taxes.
In the event that a Friend needs documentation of their service work, it would be appropriate to ask for a letter, from the committee clerk, for example, stating the Friend's participation in the work. To limit this burden, however, Friends are encouraged to save agendas, meeting minutes, program brochures, or similar proof of their service participation. The unreimbursed expenses contribution statement is also available.