I.D.E.A.

Illinois District Endowment Assurance

IDEA stands for the Illinois District Endowment Assurance fund. IDEA is an endowment fund established by the Illinois District at the April 1991 House of Delegates meeting in Peoria. Put very simply, IDEA is an investment fund especially designed to generate additional income for the Illinois District.

Qualified Charitable Distribution

If you are over 70 1/2 and have an IRA, you are required to annually withdraw money from your IRA. The required minimum distribution (RMD) is included in adjustable gross income (AGI) except for the part that is given as a QualifiedCharitable Distribution (QCD) by check from the custodian of your account directly to a charity, such as the Illinois District Endowment Assurance fund (IDEA). By reducing AGI a senior also reduces the amount of tax on social security benefits and possibly also reduces the amount of Medicare premium. Directing a gift to IDEA as a QCD provides a better tax benefit than it would as an itemized deduction. Please consider making your gift to IDEA via a QCD. If you have questions beyond this discussion please reach out to the IDEA Trustees.

IDEA Trustees

Bob Cearnal

Trustee
rlcearnal@gmail.com

Bob Squires

Trustee
clefhangeron@gmail.com

Earl Holtz

Trustee
earlholtz@comcast.net

Earl Meseth

Trustee
earlm@elmhurst.edu

Jim Waldorf

Executive Director & Trustee
jwald1603@aol.com

Want to apply for funding?

FAQs

Yes. Sure, it’s a District problem. But after all, YOU are the District.

IDEA!  The Executive Committee and the House of Delegates feel the best way to handle the increase in our costs is to pursue other income-generating endeavors. Therefore, IDEA was born as the first of many different types of income-generating solutions.

Contributions or donations will be invested in funds which will generate dividends, capital gains, and interest. This income will support the district.

Anyone who believes in the good works of the District can become a benefactor. This includes individuals, groups (like quartets or chapters), non-barbershoppers, businesses, and corporations.

First, since the Illinois District is a non-profit organization, your contribution may be tax deductible. Second, you will be helping to perpetuate a worthwhile cause. Finally, you will know that you have helped preserve an organization that provides pleasure to you and thousands of others.

Contributions will be managed by a special Board of Trustees appointed by the District President and ratified by the House of Delegates. In addition, a financial adviser may assist and participate in the investment decisions made by the Board of Trustees.

The Trustees will each serve a five-year term. The terms are presently arranged so that one Trustee will either be replaced or re-elected every year.

The District is currently comprised of 28 chapters, 40 quartets and approximately 750 members. If each of these groups donated $100, the IDEA Fund would quickly grow by more than $80,000. Accumulated interest could then be used to help defray operating costs of the District. Who knows? Maybe we could even eliminate District dues entirely. (Numbers current as of 2018.)

You’re right. Some can easily contribute $100, but others can’t. However, you can pledge and contribute whatever you can afford … when you can afford it. A kind of a “pay-as-you-go-Joe” plan for chapter dues. And remember, the $100 amount is not sacred. Any amount you choose will be welcome and will definitely help. However, $100 seems to be a reasonably affordable figure, and, if you think about it … it’s only $1.92 a week.

If you are over 70 1/2 and have an IRA, you are required to annually withdraw money from your IRA.  The required minimum distribution (RMD) is included in adjustable gross income (AGI) except for the part that is given as a QualifiedCharitable Distribution (QCD) by check from the custodian of your account directly to a charity, such as the Illinois District Endowment Assurance fund (IDEA).  By reducing AGI a senior also reduces the amount of tax on social security benefits and possibly also reduces the amount of Medicare premium.  Directing a gift to IDEA as a QCD provides a better tax benefit than it would as an itemized deduction and is more important beginning in 2018 because of the new tax law.  More seniors will now be taking the higher standard deduction and therefore cannot benefit from an itemized deduction.  Please consider making your gift to IDEA via a QCD.  If you have questions beyond this discussion please reach out to the IDEA Trustees.

Send inquiries, contributions and/or donations to IDEA c/o Jim Waldorf, 1603 E. Washington St., Bloomington, IL 61701-4234. Contact via email at jwald1603@aol.com.

Want to make a donation?

Send inquiries, contributions and/or donations to:

IDEA
c/o Jim Waldorf
1603 E. Washington St.,
Bloomington, IL 61701-4234

Contact Jim via email at jwald1603@aol.com.

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