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Introduction
The attention of the media and health care
philanthropy tends to be focused on categories
of disease and injuries other than those
affecting our vital senses.
But what about diseases and injuries that are
devastating to things we tend to take for
granted? The ability to hear, or for that matter
to speak, or to walk without falling over or
constant nausea?
The mission of the Department
of Otolaryngology-Head and Neck Surgery is clear
- to improve quality of life. With our
discoveries we hope to enable millions of people
to once again lead enjoyable, productive lives.
Gifts for Current Need and Endowment
Charitable giving helps the
Department of Otolaryngology-Head and Neck
Surgery carry out its
mission. Throughout the year, we are reminded
how vital our supporters are, as our work is
made possible through financial support from
patients, friends and alumni who want to help.
Gifts allow us to do more meaningful research,
and make important scientific advances.
Gifts are typically made through the
University of California Foundation, an
independent501(c)(3) supporting foundation with
the mission of supplying supplemental funding
and resource development services to the
Department of Otolaryngology-Head and Neck
Surgery at the University
of California Irvine.
The Foundation and its supporters are
committed to investing in the most talented
physicians and researchers and providing them
with the tools of discovery. We know that our
gifts give hope to our friends and neighbors in
Orange County, across the country and around the
world.
Gifts to the Department through the
University of California Foundation can be
made in a number of ways, and for a variety of
purposes:
- Contributions may be made for general
support or restricted to a specific area
within the Department of Otolaryngology.
- Some individuals create or supplement
endowments, which may be named in honor of
the donor(s) or a favorite physician. Others
provide immediate support for facilities,
training, research or new equipment.
- Support may be made through an outright
gift, a pledge payable over a period of
years, a life-income gift, such as a
charitable remainder trust or annuity, or a
bequest. Gifts may be made in the form of
cash, appreciated securities, real estate or
personal property.
Ways to Make a Gift
Charitable gifts reward donors in many ways.
There is the satisfaction of supporting an
important cause, the excitement of seeing
your gift lead to positive change, and - in
many cases - tangible benefits to you and/or
another beneficiary, through tax advantages
and possibly the retention of lifetime
income from the donated asset. In all cases
we strongly recommend that you talk with
your tax or estate-planning advisor to
determine the tax consequences before making
such a gift.
Gifts of Cash and Pledges. Many
gifts to the Department 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.
Gifts of Stocks and Bonds. Many
donors to the Department of Otolaryngology
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.
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.
Gifts through Bequests. The
University of California Foundation has been
the recipient of bequests made in wills,
both large and small, from many 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 Department of Otolaryngology by a
bequest at death.
These bequests, no matter how modest,
have been welcome and important to the
Department of Otolaryngology. To make an
unrestricted gift, you may wish to use the
following language:
"I give, devise and bequeath unto the UC
Irvine Head and Neck Research 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, such as to be used for research
within a specific department, division or
specific disease, please contact the
Department of Otolaryngology for suggested
language.
The value of the bequest to the
Department of Otolaryngology is deductible
for estate tax purposes, and there is no
limit on the amount of the deduction.
It is helpful, once you designate the
Department of Otolaryngology, if you notify
the Department of Otolaryngology in writing
that you have made a provision in your will.
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
Department of Otolaryngology that will bring
you substantial tax benefits. There are a
number of strategies you can use to
structure the gift according to your
circumstances.
Gifts That Provide Income. You may
wish to make a substantial gift to the
Department of Otolaryngology 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.
Gifts of Real Estate.
Almost any kind of real estate can make a
valuable gift to the Department of
Otolaryngology: 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 in the amount of the
appreciated value of the real estate; and
you avoid estate taxes on the appreciated
asset.
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 Department of
Otolaryngology's tax-exempt functions. If
the property cannot be used directly by the
Department of Otolaryngology, your tax
deduction is the lesser of the property's
original cost or the fair market value. A charitable
remainder trust is a particularly
useful way to make a gift, insofar as the
donor may retain the income from the
investment during his/her lifetime.
All gifts should be
made to the
Department of Otolaryngology - Head and Neck
Surgery Research Foundation
and are tax-deductible in accordance with
the Internal Revenue Code.
For further information contact:
William B. Armstrong, M.D.
Professor and Chair
Department of Otolaryngology - Head and
Neck Surgery
101 The City Drive South, Building 56,
Suite 500
Orange, CA 92868
714-456-5853 ,
wbarmstr@uci.edu
The Foundation is an
independent not-for-profit supporting
foundation under IRS code 501(c)(3) and
gratefully accepts gift of cash, pledges,
and property, such as stock or securities,
and planned and deferred gifts such as wills
and bequests, gift annuities and trusts.
Unrestricted gifts are encouraged. If you
wish to designate your gift, please note the
program, department or disease to which the
gift is to be applied or for more
information contact Dr. William Armstrong.
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