In 2024, the state passed the Illinois Gives Tax Credit Act, granting a sizable tax credit to donors contributing to endowed funds at qualified charitable community foundations with national accreditation. The Oak Park-River Forest Community Foundation is proudly eligible for the tax credit program, which took effect January 1, 2025.
Donors who make gifts to eligible permanent endowment funds with the Foundation receive a 25% state income tax credit. Funds that qualify include permanently endowed scholarships, nonprofit agency funds, designated funds, and field of interest funds; gifts to donor advised funds are not eligible.
“Permanent endowment funds at community foundations are an important layer of financial stability for our nonprofit sector; they offer a vital and reliable source of funding for operational needs, capital funding, and ongoing programs,” said Carrie Summy, president and CEO of the Oak Park-River Forest Community Foundation. “This is an excellent time for donors to deeply consider the causes they care about and join the Foundation in advancing important work in our communities.”
The program allows a maximum annual credit of $100,000 per taxpayer and $200,000 per couple, and can be carried forward up to five years to apply against future tax liabilities.
Any individual or organization can contribute to existing endowment funds, or create a new one.
A limited number of tax credits are available statewide, and are awarded on a first come, first served basis. To learn how to contribute to or establish an endowed fund, speak with your financial advisor or contact Foundation Development Director Brian Biederman at brianb@oprfcf.org, or call 708-848-1560.
Oak Park-River Forest Community Foundation
The Oak Park-River Forest Community Foundation invests in our future. We bring together nonprofits, businesses, civic officials, and caring residents to uncover and tackle issues of vital importance, and to attract resources to address unmet needs. Today we share our community’s vision to increase high quality childcare and education, support healthcare and mental health services, grow financial security, and enhance safety, belonging and stability for all who live and work in our region.
Join the Foundation and help fulfill our vision of a racially just society in which all members of our community thrive and prosper. Donate today at oprfcf.org.
