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Qualified Community Foundations
Qualified Community Foundations (QCFs) are non-profit organizations that receive qualified contributions from individuals and businesses and then use the funds to provide charitable grants for the benefit of residents of Illinois or charities and charitable projects located in Illinois. A QCF that has registered with the Illinois Department of Revenue (IDOR) can receive qualified contributions to their permanent endowment funds from individuals and businesses. Once a QCF confirms receipts of qualified contributions, a COR is issued to the taxpayer for those donations, which will allow the contributing taxpayer to claim an Illinois income tax credit.
Note: Tax credits are equal to 25% of the eligible contribution amount.
The application process to become a QCF in the Illinois Gives Tax Credit Program is now active on MyTax Illinois at https://mytax.illinois.gov/?link=REG1QCF.
Remember: You must be approved by IDOR to be a QCF before you can accept contributions eligible for an income tax credit under the Illinois Gives Tax Credit Program.
Resources:
- Approved Qualified Community Foundations and Annual Program Activity - coming soon
- Requirements to be a Qualified Community Foundation
- Accepting QCF Applications
- QCF Books and Records Requirements
- Illinois Gives Tax Credit Program Bulletin - coming soon