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:
- If the certificates are held in a brokerage account, simply ask your broker to contact our office for instructions on making the transfer.
- 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.
- Lastly, you can hand-deliver securities to the Illinois College of Optometry’s Office of Institutional Advancement.