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COMMUNITY Amara Laudat, a sixth grader at Chicago’s
Jane A. Neil Elementary School, showcased
her project “Ready, Set, Burn” at Brookfield
Zoo’s 2018 CPS Science Fair.

Sponsoredby Young Einsteins Endowing a Future for Conservation
In order to fulfill the Chicago
Zoological Society’s vision of inspiring The recently signed Tax Cuts and Jobs Act has many people wondering how it will
conservation leadership, we must affect them personally, as well as contemplating its effects on charitable giving.
reach the youngest minds—after all, Although it’s difficult to predict the full impact, some of the changes include:
they’re tomorrow’s leaders.
One way we strive to do this is by holding • An increase in the standard deduction to $12,000 for singles, $24,000 for married
two annual science fairs, one for Chicago Public couples filing jointly, and $18,000 for heads of households.
Schools (CPS) and one for schools in the West Suburban
Consortium of Academic Excellence (WSCAE). These • Reduced individual income tax rates.
science fairs provide an opportunity for elementary • Doubled basic exclusion amount for federal gift, estate, and generation skipping taxes
through high school students to practice scientific
thinking and public speaking while getting a chance to from $5 million to $10 million (to be adjusted for inflation to estimated $11.18 million).
see the zoo and connect with wildlife and nature. • An increase in adjusted gross income (AGI) limitation on charitable gifts of cash to

This is especially important for CPS students, as public charities from 50% of AGI to 60% of AGI.
many live in urban areas without easy access to nature.
And this year’s CPS Science Fair—which students Donors may wish to consider the following when determining their philanthropic goals:
attended in greater numbers than ever before—was
particularly meaningful. • Eligible donors can make a qualified charitable distribution (QCD) from their
IRA. Although no charitable deduction is available, income tax typically owed on
Last year, on the day before the science fair, CPS withdrawals can be avoided.
announced its budget cuts. Unfortunately, those cuts
included the buses that transported the students to • Life-income gifts such as charitable remainder trusts and charitable gift annuities
the fair—and so dozens of students learned the night offer several potential advantages, including itemizing in the year a gift is arranged.
before or the morning of the science fair that they could
not attend. • Donors who make gifts of highly appreciated assets can avoid the capital gains tax
typically due if the assets were sold, offering tax savings even if the taxpayer uses the
BP, the science fair’s sponsor, knew this could not standard deduction.
happen again. And so for the first time, this year BP also
provided funding for bus transportation. • A donor may also itemize by making a larger gift to a donor advised
fund, from which annual gifts can be made over several years.
Thanks to this support, more than 200 CPS students
participated in showcasing 138 projects at the science fair. The Chicago Zoological Society/Brookfield Zoo cannot render tax or legal
Due to the bus funding, teachers were also able to bring advice, and the information provided here is not intended as such. Please seek
nonparticipating students as well. These students had the advice of estate and tax professionals in developing your estate plans.
the chance to see their peers’ projects, tour the zoo, and
engage with science outside their classrooms—hopefully For details on how you can become part of the Edith Rockefeller McCormick Society,
inspiring them to become involved in science, as well. email us at EdithRockefellerMcCormickSociety@czs.org or call (708) 688-8174.

Xresonthy Lialios, a special education teacher at Chopin Article content provided by Kathryn Sperlak, JD, R&R Newkirk, CZS’s Planned Giving
Elementary School in Chicago, attended the science fair Committee member.
for the first time with her students and was thrilled by
the experience. BROOKFIELD ZOO | SUMMER 2018 11

“Having people straight from the science field talk to
the kids connected their ideas and projects to the real
world and helped with inspiring them to dig deeper in
STEM,” she said. “Thankfully, we had bus services provided,
otherwise we would have not been able to participate.”