A reminder to faculty, staff, students, and families who donate to Illinois Institute of Technology: If you have any questions about giving or receiving donations, please contact giftadmin@iit.edu for assistance.
Checks MUST be postmarked by December 31, 2021, to be tax deductible in 2021. Please direct checks to the following address:
Illinois Tech Advancement
7565 Solutions Center
Chicago, IL 60677-7005
If your department receives a check directly, please contact giftadmin@iit.edu as soon as possible to arrange for interoffice delivery of the donation. All gifts (checks, money orders, credit cards, ACH payments, stocks, etc.) MUST be processed by the Office of Advancement.
Credit Cards
The deadline for processing 2021 credit card or debit card gifts—whether through the mail, online, or over the phone—is December 31, 2021, at 11:59 p.m. EST.
To donate using a credit or debit card, or electronic check, refer donors to our online giving page.
Wire Transfers
Transfers must be initiated before December 31, 2021, to be tax deductible in 2021. The official gift date is the day electronically transferred funds are received in Illinois Tech bank account at PNC. Please provide the donor with the Illinois Tech wire transfer form.
Stock or Mutual Fund Gifts
In order to complete the transfer of assets by December 31, 2021, stock transfers should be initiated no later than December 21, 2021, to ensure processing in this calendar year. Please advise the donor to use the Illinois Tech stock transfer form.
For mutual fund gifts, please ensure the transfer is initiated no later than December 18, 2021. Please advise the donor to use the Illinois Tech stock transfer form.
Qualified Charitable Distributions
If you are over 70 ½ years old, consider making charitable donations from your IRA using a Qualified Charitable Distribution (QCD). You can transfer up to $100,000 per year to an eligible charity. While a QCD does not generate a charitable deduction, you do not have to report the income. This is a great option for people to still get a tax benefit even though they are not able to itemize deductions.
The deadline for making a QCD varies:
- If your IRA custodian is sending the check directly to Illinois Tech, the check must be mailed before December 31, 2021.
- If you have a checkbook for your IRA and write a check, the check must be CASHED by December 31. If you plan on making a year-end QCD by writing a check, be sure to leave plenty of time to allow us to process your donation.
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