Class of 2012 Statistics

The college welcomes gifts of common stock or other publicly traded securities. Substantial tax benefits are realized by transferring appreciated securities held long-term (owned by the donor for more than one year prior to the gift) to the Illinois College of Optometry. By making such a gift, the donor is entitled to a federal income tax deduction for the full fair market value of the security, subject to applicable limitations. By contributing the security instead of selling it outright and contributing the proceeds of the sale, the donor avoids capital gains tax liability. This means you receive a double tax benefit.

It’s easy to make a gift of securities. There are three methods to transfer the stock:

1. If the certificates are held in a brokerage account, simply ask your broker to contact our office for instructions on making the transfer.
2. If you have the stock certificates in your possession, send the unendorsed stock certificates by registered mail to our office. Enclose a cover letter outlining the purpose of your gift, along with a description of the issues and the number of shares and certificates. In a separate mailing, send signed “stock power” forms for each certificate with the name of the issue filled in and the signature guaranteed by a broker or officer of a national bank. We can sell the stock more readily if you sign a blank stock power without filling in our name.
3. Lastly, you can hand-deliver securities to the Illinois College of Optometry’s Office of Institutional Advancement.

Increase the value of your annual gift through your employer’s matching gift program. Check with your human resources or employee benefits office to find out if your company will match your gift. You may also qualify under the matching gift program of a company from which you retired, at which your spouse works or from which he/she has retired, or on whose board you serve. There are also some foundations and associations that provide matching funds.

Honorary gifts recognize special individuals, anniversaries or events. Memorial gifts recognize lifetime accomplishments of individuals who have passed away. Honorary or memorial gifts can be unrestricted or designated for use in the College or the Illinois Eye Institute. Gifts are recognized with a card sent to the honoree or family of the memorialized individual.

A gift of tangible personal property is commonly thought of as an asset that can be touched and moved. Examples of tangible personal property include artwork, jewelry, collections, automobiles, furniture, rare coins and antiques etc and such a gift can generate a charitable tax deduction.

However, a gift of tangible personal property is subject to certain Internal Revenue Service rules regarding the charitable deduction. Specifically, the IRS has ruled that donated tangible personal property must be put to a use "related" to the purpose or mission of the organization. A related purpose, or use, of a personal property gift must exist in order that the full fair market value of the asset is a charitable deduction. Otherwise, the charitable deduction is limited to the cost basis of the asset.

Some examples of tangible personal property that could have a related use to ICO, if given as a gift, are:
1. Computers; software
2. Books related to course work at the College
3. Optometric equipment
4. Eyewear
5. Patents and copyrights

Delivery
The delivery date, or date of the gift, is the date the tangible personal property is received by the College.

Valuation for Charitable Deduction
If a donor claims a charitable deduction of more than $500 for the contribution of tangible personal property, then Part I of IRS Form 8283 must be completed.

If a donor claims a charitable deduction of more than $5,000 for the contribution of tangible personal property, then the donor is required to have a qualified appraisal dated within 60 days of the donation and reported in Part B of the IRS Form 8283. The donor, according to IRS guidelines, must pay the appraisal fee.