Ways to Give to University of Saint Mary of the Lake/Mundelein Seminary

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 fill out and return this stock donation letter of intention.

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).  Note RMD’s were suspended during 2020 under the CARES Act.

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

Through this simple contract, a donor can make a gift of cash or stock and secure fixed payments for life.

Please contact Jim Jarocki, Senior Director of Development Operations, at jjarocki@usml.edu to learn more about establishing a charitable gift 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 Fund 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.

Simply name USML/Mundelein Seminary as a beneficiary of your retirement account and your legacy gift will fund the formation of our future parish priests.

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

Paid insurance policies can be effective assets to donate as a charitable gift or simply name USML/Mundelein Seminary as a beneficiary of your policy.