Lutheran Legacy Foundation is an Illinois not-for-profit corporation and is a qualified charitable organization, exempt from federal income taxation.
Lutheran Legacy Foundation offers agreements by which organizations and individuals may make charitable contributions to funds for the benefit of Lutheran churches and other Lutheran institutions. Organizations may establish endowment funds benefiting themselves and/or other Lutheran organizations and programs. Individuals may establish funds or contribute to existing funds.
Individuals may make donations and establish funds during life by inter vivos gifts, at death by testamentary gifts and by charitable remainder trusts. Lutheran Legacy Foundation has prepared appropriate agreements for use by donors and their advisors for each of these types of gifts, including a template charitable remainder trust. While drafted as a stand-alone trust, if could be modified to be incorporated into an individual’s estate planning documents, such as a will or trust. Lutheran Legacy Foundation will also consider gifts through charitable lead trusts, retirement plan and insurance policy beneficiary designations, and annuity trusts, as well as other types of gifts as described in Lutheran Legacy Foundation’s Gift Acceptance Policies and Guidelines.
Lutheran Legacy Foundation accepts donations of cash and readily marketable securities. In-kind donations, interests in specialized property and other intangible property may be accepted with approval of Lutheran Legacy Foundation’s Board of Directors, and if approved, will usually be sold and the proceeds used to fund the gift. It is the responsibility of the donor’s advisors to determine whether the gift will qualify as a charitable gift, especially if the subject of the gift is sold by Lutheran Legacy Foundation. A Statement of Lutheran Legacy Foundation’s Gift Acceptance Policies and Guidelines, Investment Policy, other disclosures and sample agreements, and other documents are available upon request.
Contributions to Lutheran Legacy Foundation are irrevocable, and after acceptance, the property contributed becomes an asset of Lutheran Legacy Foundation. Donors retain no control over the donated property.
All funds are subject to a variance power exercisable by the board when, in its opinion, the original intent of the donor is no longer achievable or impracticable, or if necessary to preserve the tax-exempt status. In such cases, the board attempts to select an alternative charitable purpose consistent with the donor’s original intent.
Lutheran Legacy Foundation, its attorneys and its accountants do not provide legal or estate-planning advice.
Any sample agreements provided by Lutheran Legacy Foundation are provided solely for the convenience of prospective donors and their advisors. While believed to be sufficient to qualify a donation for the charitable exemption from federal income and estate taxes, there is no guarantee or representation that they do in fact comply with such requirements.