A gift of life insurance can be an ideal and cost-effective way for you to do something today that can have a tremendous impact tomorrow. Many alumni and friends of the Illinois College of Optometry have made significant financial commitments to the institution by using life insurance as a sensible and affordable way of giving.

A gift of life insurance can be an ideal and cost-effective way for you to do something today that can have a tremendous impact tomorrow. Many alumni and friends of the Illinois College of Optometry have made significant financial commitments to the institution by using life insurance as a sensible and affordable way of giving.

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.

The charitable gift annuity is a gift with a retained income. It is an appropriate answer to those donors who wish to make a meaningful contribution to the College while creating, maintaining or enhancing an income stream for their own economic security

Simply, it is a legal agreement between an individual(s) and the Illinois College of Optometry in which the donor gives money or securities, and in return, the College agrees to pay the donor a fixed income for life. The amount of income received is determined by the value of the gift and the annuity rate. The annuity rate is determined by the donor's age at the time the gift is made.

A charitable remainder unitrust is a gift plan defined by federal tax law that allows you to provide income to yourself or others while making a gift to the College. The income may continue for the lifetimes of the beneficiaries you name, a fixed term of not more than 20 years, or a combination of the two.

As a unitrust donor, you irrevocably transfer assets, usually cash, securities, or real estate, to a trustee of your choice. During the unitrust's term, the trustee invests the unitrust's assets. Each year, the trustee distributes a fixed percentage of the unitrust's current value, as revalued annually, to your income beneficiaries. If the unitrust's value goes up from one year to the next, its payout increases proportionately. Likewise, if the unitrust's value goes down, the amount it distributes also goes down. For this reason, it may be to your advantage to choose a relatively low payout percentage so that the unitrust assets can grow, which in turn will allow the unitrust's yearly payments to grow.

Payments must be between 5% and 50% of the trust's annual value and are made out of trust income, or trust principal if income is not adequate. Payments may be made annually, semiannually, or quarterly.

When the unitrust term ends, the unitrust's principal passes to Illinois College of Optometry to be used for the purpose you designate. You may add funds to your unitrust whenever you like.

Benefits include:

1. You will qualify for a federal income tax deduction.  Note that deductions for gifts of long-term appreciated property will be limited to 30% of your adjusted gross income and gifts of cash and non-appreciated property will be limited to 50% of your adjusted gross income.  You may, if necessary, take unused deductions of either kind over the next five years, subject to the same 30% or 50% limitation.
2. The income beneficiaries you name will receive annual income for life or for the period you designate.
3. If you fund the trust with an appreciated asset and the trust sells it, there will be no immediate tax on the capital gain.  If you were to sell such an asset yourself, you would owe tax on all the capital gain realized in the sale.
4. Your estate may enjoy reduced probate costs and estate taxes.
5. You will provide generous support to the Illinois College of Optometry.

You may make a gift of cash, securities, real estate or other assets by remembering the College in your will. This can be an important consideration of those whose estates might otherwise be subject to higher estate tax rates. With a gift through your will or living trust, you retain full use of your gift property during your life.

Types of charitable bequests include:

General Bequest
The most familiar type of bequest is the general bequest, which specifies that ICO will receive a designated sum.  For example, you might make a general bequest of $10,000. You may prefer this arrangement because it is considered a primary charge against your estate, which means it will almost certainly be fulfilled.

Percentage Bequest
This is an excellent alternative to the general bequest. The percentage bequest states that ICO will receive a certain predetermined percentage of your estate. By making a percentage bequest of 10%, for example, you assure yourself that inflation will not reduce the true value of the bequest you intended for our benefit.

Specific Bequest
When making a specific bequest, you are directing that one particular property be transferred to ICO, such as a certain piece of real estate, the stock from one specific company or some other specific property. This type of bequest is ideal for individuals wishing to give particular stocks or a valuable art object.

Residuary Bequest
This bequest directs that ICO receive either everything remaining in your estate or a designated percentage of your estate after all necessary costs, all general bequests, and all specific bequests are satisfied. This type of bequest allows you the flexibility of making several primary bequests while still giving you the assurance that ICO will be a secondary beneficiary of your estate. But the residuary bequest has the drawback of uncertainty. ICO would receive only as much, or as little, as is left after all primary obligations are satisfied.

Contingent Bequest
As the name implies, this bequest is "contingent" on some event.  Usually, you might make a primary bequest for a relative, with the contingency that if that relative is not living at the time of your death, the bequest would pass to ICO.  The contingent bequest is often used in the case of a husband or wife who stipulates that if his or her spouse is not living at the time of his or her death, then the bequest specified for the spouse will pass to a contingent charitable beneficiary.

With a vision for the future, ICO’s Eyepod raises the bar of optometric teaching by combining the latest technology with student supports into one enhanced learning center. The Eyepod is a state-of-the-art facility that offers students:

• 38 ophthalmic teaching lanes with specialized lighting in two Eye Labs
• Individual assessment rooms for clinical testing
• 5 teaching laboratories with separate preparation space
• 6 research laboratories
• Student life areas with views of downtown Chicago

Congratulations on being selected to complete the supplemental application for ICO!
*The following information is intended only for candidates who have been invited to complete the supplemental application.

The supplemental application is a very quick process. The Supplemental Application includes the online Supplemental Application Form, Pre-Optometry Coursework Sheet, and the Supplemental Application Fee of $50 USD (payable online).

Supplemental Application Steps:

1. Complete the online Supplemental Application and pay the $50 USD Supplemental Application Fee (payable online).

2. Download the Pre-Optometry Coursework Sheet and return to the Office of Admissions. The Pre-Optometry Coursework Sheet is a fillable PDF and can be returned to our office via email, fax, or mail. 

         Mailing Address
          Office of Admissions
          Illinois College of Optometry
          3241 S. Michigan Ave.
          Chicago, IL 60615

         Fax number
          312-949-7680

         Email
           This e-mail address is being protected from spambots. You need JavaScript enabled to view it

      Below are examples for your reference.

        Canadian Applicant Pre-Optometry Coursework Sheet Example
        U.S. Semester Pre-Optometry Coursework Sheet Example
        U.S. Quarter Pre-Optometry Coursework Sheet Example

3. Request official OAT scores be released to ICO

4. Request official TOEFL scores, if English is your second language. (ICO’s institutional code is 1317.)

5. Optional: 2x2 recent photograph of yourself (include your name on the back)

Re-Applicants:

Re-applicants will need to include a one page re-applicant statement addressing what you have done or plan to do to improve your application since last applying to ICO (if not already submitted via OptomCAS).

Upon receipt of your online Supplemental Application, Pre-Optometry Coursework Sheet and letters of evaluation from OptomCAS, the Admissions Committee will conduct an initial review of your materials. You can expect to hear from us within 4-6 weeks of receiving all application materials.

After the initial review of your file has been completed, the Admissions Committee may request that you schedule an interview and/or submit additional information.

You must complete all parts of the Supplemental Application to move on in the application process.

Supplemental Application Deadline: March 1, 2013

*The following information is intended only for candidates who have been invited to the admissions interview.

Congratulations on being selected for an interview for the 2013 Entering Class! This site will provide you with some useful information as you prepare for your on campus interview. We encourage you to call us as soon as possible to schedule your interview. When you call, be prepared with a couple of dates in mind as your first choice for the interview day may be filled.

Applicant Host Program

ICO's Applicant Host Program allows you a FREE 1-night stay in the Residential Complex (RC) the night prior to your admissions interview. Please refer to the flyer for more details. Space is limited, so sign up early.

Applicant Host Program Flyer

Visitor Information

Please refer to the Visitor section of our website for hotel, transportation, and other information before your visit to Chicago!