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Have you ever pondered how IEEE makes such a large impact? One of the main reasons is the generosity of individuals, IEEE Members , and friends and their donations to the IEEE Foundation. Contrary to popular belief, in the United States, individual giving is the most significant portion of contributions to nonprofits. 

Giving USA attributes 67.2% of all nonprofit contributions in 2023 to individuals, resulting in US$374 Billion – which is 3.3% more than individual giving in 2022. The collective impact of individual donations is astounding.

Due to individual support in 2023, the IEEE Foundation was able to educate 789,000 people, raise $8M, and add 17 new funds supporting IEEE Women in Engineering Family Cares Grant Program, scholarships, and the IEEE Global Museum, among many other accomplishments.As a trusted resource for IEEE Members and friends, the IEEE Foundation shares the following information to ensure you can maximize impact through your philanthropy. As a US 501(c)3 organization, the IEEE Foundation offers many ways to give, including: Donor Advised Funds, IRA Charitable Rollover, Monthly Giving, Appreciated Marketable Securities, Cryptocurrency, and Planned Giving. Below are brief descriptions of each giving method and what other IEEE Members have to say about why they chose that method. While we hope you use these methods to make an impact at IEEE, these can generally be used with any organization close to your heart that accepts philanthropic gifts.

Donor Advised Funds

A Donor Advised Fund (DAF) is a centralized charitable account that enables charitably-inclined individuals, families, and businesses to make tax-deductible charitable donations (in the United States) of cash, publicly traded stock, and in some cases, certain illiquid assets to a public charity that sponsors a DAF program. 

To donate via a DAF, a donor makes an irrevocable contribution to the Donor Advised Fund (DAF) associated with their financial institute of choice and can take an immediate tax deduction. The donor can name their DAF anything the donor would like; appoint friends and family members to help the donor manage the responsibilities of a DAF and design a Legacy Plan to determine what will be done with the DAF assets beyond their lifetime, which may include appointing successors or charitable beneficiaries (Tip – nominating the IEEE Foundation as a successor for your DAF also qualifies you for entry into the IEEE Goldsmith Legacy League). The donor can then invest assets in the DAF according to their designated investment strategy, giving the donor the potential to generate even more philanthropic capital. As soon as the DAF is set up, the donor can recommend organizations for grants to be approved by their financial services provider. The financial services provider can approve grants to most organizations that are tax-exempt under Internal Revenue Code (Code) Section 501(c)(3) and classified as public charities under Code Section 509(a), as well as certain private operating foundations. For a comprehensive list, check with your financial services provider.

Dr. Bhagawandas Pannalal “B.P.” Lathi and his wife, Rajani, generously gave to the IEEE Foundation in late 2022 when they established the Bhagawandas and Rajani Lathi Fund. This initiative supports authors of outstanding electrical engineering textbooks awarded through the IEEE Education Society. They chose IEEE as the home of this fund because “IEEE is one of the most respected and widely circulated scholarly platforms for electrical engineers and technologists.” The Lathis encourage potential donors to consider the aspects of electrical engineering they value and improve the excellence of those areas by giving to the IEEE Foundation. They provided their generous gift using their Donor Advised Fund (DAF).

IRA Charitable Rollover

The IRA Charitable Rollover allows individual retirement account (IRA) holders age 70 ½ and older to make qualified charitable distributions (QCD) up to US$105,000 per year (and up to US$210,000 per year for married couples) from their IRA to the IEEE Foundation––without having to count the transfers as income for federal tax purposes. Since no tax is incurred on the withdrawal, gifts do not qualify for an income tax charitable deduction but are eligible to be counted toward an individual’s minimum required distribution beginning at age 73. For more information about the specifics of IRA Charitable Rollovers, we invite you to visit our website. Levy Gerzberg loves a challenge, especially one that, when completed, can have a “return on impact” and make the world a better place. His desire to have a “return on impact” was one of the driving factors around his initiation of and contribution to support the IEEE SSCS-James D. Meindl Memorial Educational Fund. The other driving force was his respect for his mentor, Professor, and colleague, James D. Meindl. “Jim Meindl deserves to be remembered for many generations to come,” explains Levy. “I learned from Jim that innovation can be both proactive and mentored. By supporting the IEEE Foundation and Meindl Fund, we are keeping Jim’s memory alive – encouraging future leaders and educators to adopt Jim’s collaborative, interdisciplinary model for education and invention of new ideas.” Utilizing his Family Foundation and IRA funds to give to the IEEE Foundation was an excellent way to honor his mentor and keep his goals alive.

Monthly Giving

Monthly donors make automatic donations every month, which makes it easier for IEEE programs to plan long-term and budget more efficiently. Monthly donors sustain our programs. Monthly gifts can be changed in amount or canceled at any time. A commitment to a recurring gift demonstrates an ongoing dedication to improving access to technology, enhancing technological literacy, and supporting technical education. By spreading giving out monthly, gifts can be tailored to any budget while ensuring a lasting impact on IEEE programs. 

Noel N. Schulz, Ph.D., is no stranger to the act of philanthropy within her field. According to Noel and her husband, Kirk, who became Honored Philanthropists in the IEEE Heritage Circle in 2020 in recognition of their spirit of cumulative giving, “the process of donating monthly and/or steadily to IEEE over time can accomplish the same level of impact on an initiative as a larger donation without being an excessive burden on one’s personal finances.”

“We encourage others to adopt this cumulative method of providing support,” confirmed Dr. Schulz, “as it has and continues to have a major impact on the livelihood of IEEE programs.”

Appreciated Marketable Securities

A gift of appreciated marketable securities, such as stocks, bonds, and mutual funds, may provide a significant benefit to the donor as well as support the mission of the IEEE Foundation. By donating appreciated securities that are held for at least one year, the donor: 

• can avoid the capital gains taxes on the “paper profits”
• is entitled to a charitable income tax deduction on the full fair value of the asset
• may use the deduction, up to 30%, of the adjusted gross income in the year of the gift
• can carry forward any unused deductions for the next five years; supports a charitable activity that advances technology and education.

IEEE Life Member John Derrick and his wife Linda made a five-year commitment to support the IEEE Power and Energy Society Scholarship Plus Initiative. Due to their careful planning, their financial advisor encouraged them to use a gift of appreciated stock to pay off the five-year pledge early, and they said they were so glad they did. The Derricks recognized that annual cash giving is still essential at retirement and adds another important dimension to their estate planning. John added, “I’m 83, so there’s little time to lose! I never thought I’d be in this position in my life. I am enjoying being able to really help others.” John and Linda Derrick are Alexander Graham Bell level members of the IEEE Heritage Circle.

Cryptocurrency 

Crypto philanthropy is an emerging and often tax-wise way for crypto users to support the IEEE Foundation. As of 2023, we accept donations in Bitcoin, Ethereum, and more than 100 other leading cryptocurrencies. Donating crypto is safe, easy, and fast. Making a cryptocurrency charitable donation to the IEEE Foundation is a quick three-step process detailed here on our website.

If the cryptocurrency one wishes to donate has decreased in value, it may be better to sell the asset, take the capital loss, and make the gift with the cash proceeds. As with any tax-related questions, be sure to consult with a qualified, professional tax advisor.

Planned Giving

There are many ways to show support through Planned Giving, and it is never too early to start! As you create or update your estate plan, consider the role IEEE has played in your life and the #IEEELegacy you want to leave. The IEEE Foundation team is honored to assist you in finding the right way to include IEEE in your estate plan. Here are some of the many options: 

• Wills and Trusts: Leaving a bequest by including language in wills and trusts is the most common way to leave an estate gift to the IEEE Foundation. To make a gift from your estate, you must sign a new will or living trust instrument, add a codicil to your present will, or amend your present trust instrument.
• Charitable Remainder Trust: Life income gifts, such as a Charitable Remainder Trust (CRT), may be the answer to assuring the future of both your loved ones and the IEEE Foundation. CRTs are tax-free trusts that pay you – as well as other possible designated beneficiaries – an annual distribution, often in quarterly installments.
• Life Insurance: Some people have life insurance to ensure the financial security of their loved ones. Yet, life insurance can be used for other purposes, including leaving a philanthropic gift to the IEEE Foundation. There are two different ways you can structure a gift of life insurance to the IEEE Foundation: Name the IEEE Foundation as Beneficiary or Transfer ownership to the IEEE Foundation.
• Retirement Plan: If left to a non-spouse beneficiary, the assets from 401(k), 403 (b), IRA, Keogh, or other such accounts are not only subject to estate tax, but the heir(s) may have to pay income tax as they withdraw the funds. To avoid this ‘double taxation’, you can name the IEEE Foundation as the beneficiary of your retirement plan and use other assets not subject to income tax to make gifts to your heirs.

IEEE Foundation Director  Dr. Karen A. Panetta, along with Jamie A. Heller, updated their estate plans and became IEEE Goldsmith Legacy League members in 2023. To her, Legacy means sustainability and long-term impact. “Knowing that my lifelong dedication to developing programs and technology to benefit humanity will continue through my support of IEEE Foundation, I’m confident that my efforts had an impact and people recognize it. Helping others follow in our footsteps to make a better world for everyone is the most aspirational goal a person can have in life. Being a member of a community that embraces this at its core ensures that we as individuals can really achieve this goal.”

From supporting education and scholarships and other initiatives that strengthen IEEE’s mission, the IEEE Goldsmith Legacy League members are truly Forever Generous. You can honor that generosity by joining them and creating a meaningful legacy of your own. The IEEE Foundation invites you to cement your legacy by considering a gift via the various methods of giving –  Donor Advised Funds, IRA Charitable Rollover, Monthly Giving, Appreciated Marketable Securities, Cryptocurrency, and Planned Giving – and joining other like-minded IEEE members in supporting the impactful programs of IEEE. To stay up to date on Foundation news and impacts, we invite you to follow us on LinkedIn, Twitter, and Facebook or sign up to receive our newsletter. To learn more about the innovative programming that the IEEE Foundation supports, explore our website.