A tax-efficient way to give back to your community

Naming Galesburg Community Foundation as a beneficiary of your retirement plan or life insurance policy is not only easy to do, it’s also a way to make a significant and lasting gift to our community that may not be possible during your lifetime.

How it works

  • You designate Galesburg Community Foundation as a full or partial beneficiary of your qualified retirement plan (401(k) or IRA) or life insurance policy using a form supplied by the policy underwriter or plan administrator.
  • Upon your death, the benefit comes to the Community Foundation. We set up a special fund in your name, in the name of your family, or in honor of any person or organization you choose. You may also choose to have assets contributed to an existing fund.
  • We handle all the administrative details.
  • Your gift will be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift is a permanent source of community capital, helping to do good work forever.

More benefits

One of the most tax-efficient ways to give back to your community is by designating the Community Foundation as a beneficiary of your retirement plan, whether it is a 401(k), 403(b), IRA (individual retirement account), or other qualified retirement programs. Estate taxes may be due in addition to the taxes your heirs may pay on the income in respect to the decendent (IRD). For these reasons, many advisors recommend retirement plan assets as the first to be designated for charitable purposes.

Although your retirement plan beneficiary form overrides your will, it is important that both documents are up-to-date and consistent.

Sarah Grant

Let's connect

To learn more about beneficiary designations, call Sarah Grant, Director of Development, at 309.344.8898.

Subscribe Now

Haley Sloss

Charitable Giving Coordinator

Short Bio

Haley provides support to enhance the function and success of the Charitable Giving and Affiliate Teams. She ensures donors receive a personal approach to philanthropy through outstanding customer service by supporting charitable giving for donors and fund holders across the state.