Ways to Give
If you are able to give now….
Give online with a credit card, direct debit, venmo or paypal here.
Give with a credit card by phone by calling: 847-970-4816
Give by mail by making checks payable to: “University of Saint Mary of the Lake/Mundelein Seminary” and send to:
Jim Jarocki, Senior Director of Development Operations
University of Saint Mary of the Lake/Mundelein Seminary
1000 East Maple Avenue
Mundelein, IL 60060
If you have held stocks for more than one year, you may gift shares to USML/Mundelein Seminary, avoid paying any capital gain tax and may qualify for a tax deduction of the current fair market value. The deduction is capped at 30% of the donor’s adjusted gross income, in the year of gift, but eligible for carryover up to 5 years.
Depending on your tax bracket the savings at the max capital gains rate, Net Investment Income Tax and current Illinois tax could be as great as 28.75%. Removing gains from your taxable income also have the effect of reducing Adjusted Gross Income which in turn reduces phase outs and effectively lowers overall tax liability further.
Even with current volatility in the stock market, you may have owned stocks for years or decades, and the current value of your shares may still exceed their purchase price (cost basis). This type of stock makes an effective giving asset.
To make a gift of stocks or mutual funds, please contact a member of our Development team at (847) 970 – 4816 or (847) 970 – 4841.
A charitable IRA rollover is a gift option that enables donors age 70½ or older to transfer up to $100,000 directly from the donor’s IRA (or IRAs) to a qualified charity each year. The donor does not recognize the IRA transfer as taxable income on his or her tax return. However, the donor does not report or claim the deduction on their tax return.
At current federal and state (Illinois) tax rates, savings could be as great as 42%.
As an additional benefit to reducing Adjustable Gross Income and taxable income, this transfer also counts toward a donor’s required minimum distribution (RMD).
Tax ID#: 36-2171077
If you have a Donor-Advised Fund (DAF), USML/Mundelein Seminary can accept gifts of any size from your DAF.
Please send gifts from your donor-advised fund to:
Legal Name: Saint Mary of the Lake Seminary d/b/a USML/Mundelein Seminary
1000 East Maple Avenue
Mundelein, Illinois 60060
Tax ID#: 36-2171077
If you are interested in making at least a $10,000 irrevocable gift of cash, securities or other assets that will provide a fixed annual income to you for the rest of your life, a charitable gift annuity through a USML partner may be a good option. These payments often exceed interest received from a traditional savings account, bank CD or money market fund. You, as the donor, will enjoy certain tax advantages with the contribution and the income derived from the annuity.
With appropriate approval, USML/Mundelein Seminary may be able to accept proposed gifts-in-kind such as art, automobiles, books, equipment, software, vessels, inventory, personal property and other physical assets, materials or services. Please contact Sandi Seidl, Manager, Annual Giving and Alumni Relations at 847-970-4898 or sseidl@usml.edu to learn more about making these gifts.
Link your credit card to the RoundUp app and all of your purchases will be rounded up to the next dollar, with all proceeds donated to USML/Mundelein Seminary at the end of the month. It’s a perfect way to donate your “spare change” to support the future of the Church! Click here to get started rounding up.
If you are looking for ways to give in the future…
You can leave a lasting legacy by designating USML as a beneficiary of your will or trust with a gift of any size. This option allows you to make gifts to the causes that are important to you without making financial sacrifices during your lifetime.
A gift of real estate to USML, either now or in your estate plan, provides a lasting benefit. If you have owned the property for more than one year, you may be able to take a charitable deduction equal to the fair market value of your property. Additionally, a gift of real estate will reduce the size and complexity of your estate and may provide you with tax benefits.
You can simply name USML as a beneficiary of an insurance policy, donor advised charitable gift fund, or retirement plan by naming “University of St. Mary of the Lake” as a beneficiary and supplying the requested information.
If you are interested in making at least a $10,000 irrevocable gift of cash, securities or other assets that will provide a fixed annual income to you for the rest of your life, a charitable gift annuity through a USML partner may be a good option. These payments often exceed interest received from a traditional savings account, bank CD or money market fund. You, as the donor, will enjoy certain tax advantages with the contribution and the income derived from the annuity.
Required Minimum Distribution (RMD)at 73 years old as of 01/01/2023
RMDs are subject to taxes and may affect tax bracket
IRAs that have been inherited must pay income tax on withdrawls; increased tax bracket
Beginning at 70 years old your RMD, up to $100k, can be gifted directly to USML avoiding income tax
Make USML the Beneficiary of IRA ensuring you meet your philanthropic goals while assisting USML/Mundelein Seminary in continuing its mission
No RMD; No taxes on withdrawl since contributions are post-tax dollars
Heirs do not pay taxes on withdrawls
Make USML the Beneficiary of IRA
Consult with the USML Development Office before making plans for this type of gift as the university adheres to a designated gift acceptance policy.
* Prospective donors are urged to consult with their personal legal, tax and/or financial advisors concerning the specific consequences of making philanthropic gifts to USML/Mundelein Seminary.
* Donors who make these kinds of legacy gifts to USML/Mundelein Seminary will become members of our Saint Mary of the Lake Legacy Society.
Please note this is for informational purposes only. Consulting with your personal tax advisor, accountant, or attorney will assist you in meeting your philanthropic goals.
University of St. Mary of the Lake
Federal Tax ID 36-2171077
Contact Maureen McGrain at mmcgrain@usml.edu or 847-837-4544 for more information.