Gifts to the Eye and Ear Foundation can be made in a number of ways, for a variety of purposes. Contributions can be made for general support or they can be designated to the Department of Ophthalmology or the Department of Otolaryngology, or to approved, specific projects within the two departments. Support may be made through an outright gift, or by a pledge payable over a period of years, a life-income gift (such as a charitable remainder trust or annuity) or by a bequest. Gifts may be made in the form of cash, appreciated securities, real estate, or personal property. Some individuals create or supplement endowments, which may be named in honor of the donor(s) or a favorite doctor. Endowment can provide immediate support for research, recruitment and retention of doctors and scientists, medical education, facilities, training, or new equipment.

Gifts of Cash and Pledges
Gifts of Stocks and Bonds
Gifts through Bequests
Gifts of Closely Held Stock
Gifts That Provide Income
Gifts of Real Estate
Gifts of Personal Property

Gifts of Cash and Pledges
Many gifts to the Eye and Ear Foundation are in the form of cash. Cash gifts are deductible for federal income tax purposes up to a limit of 50 percent of your adjusted gross income if you itemize deductions.

Cash gifts may be pledged for payment over a period of years. To be officially recorded, pledges should be made either in writing or by means of a pledge card.

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Gifts of Stocks and Bonds
Many donors to the Eye and Ear Foundation make outright gifts and pledges in the form of appreciated securities rather than cash, in order to benefit from the extra tax advantages.

If you itemize, you are entitled to a charitable income tax deduction for the full value of your gift provided that you have owned the securities for more than 12 months. In addition, you avoid paying a tax on capital gains, which you would owe if you sold the securities. Gifts of securities are deductible for federal tax purposes up to a limit of 30 percent of your adjusted gross income.

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Gifts through Bequests
The Eye and Ear Foundation has been the recipient of bequests made in wills, both large and small, from alumni, friends and grateful patients over the years. These donors felt they needed their capital during their lifetimes, but found it possible to associate themselves forever with the Eye and Ear Foundation by a bequest at death.

These bequests, no matter how modest, have been welcome and important to the Eye and Ear Foundation. To make an unrestricted gift, you may wish to use the following language:

"I give, devise and bequeath unto the Eye and Ear Foundation, a not-for-profit supporting foundation:

1. all of my residuary estate; or
2. a portion of my residuary estate equal to ___% thereof; or
3. the following described property; or
4. the sum of $_____________."

If you choose to restrict your gift further, to be used for research within a specific department, division or specific disease or medical condition, please contact the Eye and Ear Foundation Development Office for suggested language.

The value of the bequest to the Foundation is deductible for estate tax purposes, and there is no limit on the amount of the deduction.

It is helpful, once you designate the Eye and Ear Foundation, if you can notify us in writing that you have made a provision in your will.

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Gifts of Closely Held Stock
If you own stock in a closely held corporation, you can use such stock to make a gift to the Eye and Ear Foundation that will bring you substantial tax benefits. There are a number of strategies you can use to structure the gift according to your circumstances.

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Gifts That Provide Income
You may wish to make a substantial gift to the Eye and Ear Foundation but feel you cannot afford to give up the annual income produced by the asset. Our life-income gift program offers several ways to help you make such a gift, while retaining an income for your lifetime.

The benefits to you, the donor, vary, but all these arrangements have the following attractive features:

• Income for life paid to you and/or another beneficiary, such as your spouse of another family member;
• Increased income if a gift is made to a life income plan that produces a higher yield than the donated asset;
• An immediate federal income tax deduction for a portion of the value of the gift; and
• Elimination of capital gains tax at the time of transfer if the asset is in the form of securities or real estate that have appreciated in value.

We will be pleased to discuss with you and your tax or estate planning advisor the various options, which you may wish to consider when planning a life-income gift.

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Gifts of Real Estate
Almost any kind of real estate can make a valuable gift to the Eye and Ear Foundation: a primary residence, vacation home, farm, commercial building, or an undeveloped parcel of land. You can even contribute your residence now and still reside in it for life.

As with gifts of appreciated stocks, bonds, mutual funds, and personal property, no capital gains tax is due when you donate appreciated real estate. You are entitled to an income tax deduction, and you avoid estate taxes on the appreciated asset.

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Gifts of Personal Property
In planning your estate, remember that valuable collections, works of art, and other forms of tangible property may be subject to estate taxes. By donating such items during your lifetime rather than at your death, you not only reduce your taxable estate but also reduce your taxable income in the year of the gift.

For a gift of tangible property, you are entitled to an income tax charitable deduction amounting to the property's fair market value, provided the use of the object is directly related to the Eye and Ear Foundation's tax-exempt functions. If the property cannot be used directly by the Eye and Ear Foundation, your tax deduction is the lesser of the property's original cost or the fair market value.

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We strongly recommend that you talk to your attorney and tax advisor to determine legal and tax consequences before undertaking a planned gift. The Eye and Ear Foundation does not give legal or tax advice.

All gifts should be made to the Eye and Ear Foundation and are tax-deductible in accordance with the Internal Revenue Code.