For some area families, tuition costs can often be a barrier to their children receiving a Catholic education.
But with the help of donors, the Catholic Education Foundation helps to bridge that funding gap by raising resources to allow children in need to attend elementary and secondary Catholic schools throughout the Diocese of Joliet.
Individuals ages 70½ or older can help support the Foundation's mission through an IRA Rollover. The giving opportunity allows those donors to make a gift of up to $100,000 directly from their IRA (traditional or Roth) to support Catholic School scholarships. The gift works for both itemizers and non-itemizers.
“This gift option is a creative method to meet the donor’s estate planning needs, and provides the life-changing gift of a Catholic education to nearly 2,000 students who would otherwise be unable to attend a Catholic school,” said Joe Langenderfer, the Catholic Education Foundation’s chief executive officer.
There are several reasons why donors choose this charitable distribution option: the gift counts against the donor’s required minimum distribution for the year, is excluded from taxable income — which is a nice tax benefit, and may sufficiently prevent the donor from being pushed into a higher tax bracket and help avoid the limit on charitable deductions.
Another perk? The process is simple. The donor only has to authorize their IRA representative to direct a certain amount to the Catholic Education Foundation or a specific school.
One area family can attest to the importance of receiving need-based financial assistance.
“Our mom struggles to make sure that we can go to a Catholic school,” said Nick, an eighth-grader at Holy Family Catholic School in Bensenville, during a donor recognition event last fall. “The CEF scholarship is a big part of her plan to make that happen for me.”
Charitable IRA Rollover donations must be sent by Dec. 31.
To contribute to the CEF or to get more information about the IRA qualified minimum distribution, contact the Catholic Education Foundation at 815/221-6127 or visit http://cefjoliet.org/Ways_To_Give for further information.
Catholic Education Foundation : 815.221.6127 : 16555 Weber Road, Crest Hill, IL 60403: http://cefjoliet.org/