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Cornell College - Supporting Cornell - Make a Gift Home > Supporting Cornell > Make Your Gift Quick Links.... Supporting Cornell Student Organizations Calendar Cornell Directory Site Map Residence Life Career Services Registrar Supporting Cornell The Annual Fund Planned Giving Recognition & Thanks Get Involved Contact our Staff Related Topics Alumni Athletics Making Your Gift to Cornell College Cornell College depends on contributions of all sizes from alumni, parents and friends in order to sustain and enhance its excellence in liberal arts education. To make a gift to Cornell College, please choose from the options below. And don't forget that you may be able to increase the impact of your support through corporate matching gifts . Leadership Circle - $10,000 + Presidents Society - $1,500 + Royal Purple Society - $500-$1,499 Hilltoppers Society - $300-$499 "The Rock" Society - $150-$299 Contributors Society - $1-$149 Your gift will be recorded upon receipt and an acknowledgement letter and tax receipt sent to you. Thank you in advance for your support of Cornell! Gifts of Cash Gifts of Securities Planned Gifts Non-cash Gifts GIFTS OF CASH By automatic cash transfer (EFT) ... Your electronic funds transfer (EFT) gives Cornell permission to charge your bank account for your gift. Payments are automatic, for however long you specify. Your gifts are still tax-deductible and you'll receive a receipt at the end of the calendar year. Each withdrawal will show on your monthly bank statement. To make a gift via EFT , complete and sign the authorization form *. You will be mailing this to Cornell. Send the completed form to: Office of Alumni & College Advancement Cornell College 600 First Street West Mt. Vernon, IA 52314 *Please note that in order to view this form, you must have Adobe Acrobat Reader. You can download this software for free. By check ... To make a gift via mail , complete the Gift Form and mail to: Office of Alumni & College Advancement Cornell College 600 First Street West Mt. Vernon, IA 52314 By credit card ... Cornell accepts Visa, MasterCard and Discover. Call (319) 895-4248 or toll free 1-877-MVERNON (683-7666) Please have your credit card number and expiration date ready, along with a daytime phone number where you can be reached. You may make your credit card gift online via our secure web site . To make a credit card gift via mail , complete the Gift Form and mail to: Office of Alumni & College Advancement Cornell College 600 First Street West Mt. Vernon, IA 52314 GIFTS OF SECURITIES Gifts of long-term appreciated securities (those held more than a year) offer many advantages and tax benefits to the donor. Contributions of securities receive an income tax deduction based on the market value, not the donor's cost, and capital gains tax is avoided. Gifts of publicly traded securities can be made either by delivering the certificates to the college (in person or by mail) or by transfer of ownership through a broker. Making the gift with securities ... When making a gift of securities, please contact either the Office of College Advancement or the Business Affairs Office. It is important to have complete donor information (name, address, phone number), the name and type of securities to be gifted, number of shares and the date you intend to make the gift. Office of College Advancement Attn: Debbie K. Green 600 First Street West Mt. Vernon, IA 52314 Email: dgreen@cornellcollege.edu Tel: (319) 895-4202 Fax: (319) 895-5670 Business Affairs Office Attn: Mike Kragenbrink 600 First Street West Mt. Vernon, IA 52314 Email: MKragenbrink@cornellcollege.edu Tel: (319) 895-4383 Fax: (319) 895-5187 TYPES OF SECURITIES TRANSFERS If the securities are held by a bank or broker… The securities should be transferred via DTC (Depository Trust Company) to Cornell's brokerage account at Securities Corporation of Iowa (SCI). Notify your broker in writing that you wish to make a transfer from your account to Cornell College's account. Identify the securities to be gifted and provide the following transfer instructions: DTC Routing No. 0733 Cornell College SCI Account No. 2084-5124 It is important for us to know the identity of the donors of all securities gifts in order to give prompt and accurate credit for all gifts received. It is often very difficult to obtain this information after the transaction is processed. Therefore, in addition to instructing your broker to include your name and address in the transfer instructions, please contact the Office of College Advancement or the Business Affairs Office at the above address and phone numbers and forward a copy of your authorization letter to us. If the certificate is held by you… Place the unsigned certificate(s) in one envelope along with a cover letter expressing your intention to give the securities to Cornell College and indicating the purpose of the gift. In a separate envelope, send a Stock and Bond Power, filling in only your signature but no other information, along with a copy of the letter you sent with your certificate(s). Your signature should be written exactly as your name appears on the certificate. Mail both envelopes at the same time, preferably by registered mail. This method ensures that the certificates are not negotiable until both envelopes are received. Valuation date and method... The value of a stock gift is calculated by averaging the high and low selling prices on the date of your gift. For securities transferred electronically, the gift date is the date the securities are deposited in our SCI account. For delivery of certificates by mail, the gift date is the postmark date. As soon as a securities gift is received and matched to the donor, an acknowledgement letter will be sent confirming the value of your gift. PLANNED GIFTS Providing for the future of Cornell College can be accomplished through a variety of gifts known as planned gifts. Common types of planned gifts include bequests, charitable gift annuities, charitable remainder trusts, and charitable lead trusts. For more information you may request our brochures that we have available or speak with our staff at: Office of Alumni & College Advancement Attn: Steve Miller Cornell College 600 First Street West Mt. Vernon, IA 52314 Email: smiller@cornellcollege.edu Tel: (319) 895-4331 Fax: (319) 895-5670 The Cornell staff can provide general information, not legal or tax advice. Consult a lawyer or accountant if you have legal or tax matters requiring attention. NON-CASH GIFTS In addition to outright cash gifts, sometimes items of personal property, or gift-in-kind donations, have value to the college. Gift-in-kind items can include books, art, collectibles, equipment and other physical assets which represent value to the college. Unreimbursed expenses or personal services are not considered tax-deductible, charitable gifts-in-kind. The college reserves the right to use, sell or decline gifts-in-kind. If a donor wishes to claim an income-tax deduction for more than $5,000 of gift-in-kind property, federal law requires the donor to complete IRS Form 8283 *. The donor must also obtain an independent appraisal for any gift valued over $5,000. If you have a potential gift-in-kind item, please contact: Office of Alumni & College Advancement Cornell College 600 First Street West Mt. Vernon, IA 52314 Tel: (319) 895-4247 *Please note that in order to view this form, you must have Adobe Acrobat Reader. You can download this software for free. Contact Information Office of Alumni and College Advancement Cornell College 600 First Street West Mt Vernon, IA 52314 Phone: (319) 895-4247 Fax: (319) 895-5670 E-mail: supporting@cornellcollege.edu Maintained by: Alumni and College Advancement Last Update: July 7, 2005 9:09 am 600 First Street West, Mt. Vernon, Iowa, 52314 ©2003 Cornell College; All Rights Reserved

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Gifts For a New Home at Wind & Weather: Make it Easy on Yourself. SHOP BY DEPARTMENT: Weather Instruments Weathervanes Gear & Gadgets For The Home Garden Decor Outdoor Living Outlet Gift Guide Gifts Under $50.00 Gifts Under $75.00 Gifts Under $100.00 For Weather Watchers For Outdoor Fun For the Home For the Garden Gifts for Him Gifts for Her Executive Gifts Just for Fun Gift Certificates Housewarming Gifts Wedding Gifts TECHNICAL SUPPORT CUSTOMER SERVICE FREE CATALOG EMAIL SPECIALS HOUSEWARMING GIFTS Gift Guide -- Housewarming Gifts ABCs of Life Resembling weathered marble, this classic wall plaque clearly states twenty-six truths for living life. $34.95 Copper Wind Spiral Watch this mesmerizing double helix as it spins in the slightest breeze. $59.95 Stained Glass Pinwheel Brilliantly colored petals of glass form a bright, spinning pinwheel for your garden. $54.95 Custom Garden Greeting Welcome visitors to your garden with this customizable weatherproof plaque. $69.95 Verdigris Dragonfly Rain Gauge Form and function combine in this rain gauge-garden stake. Handcrafted, verdigris copper dragonfly. $37.95 Glowing Garden Orb Luminescent crystals blended with dazzling colors give this garden globe a glow none other can match. $49.95 Calla Lily Oil Lamps Created with maximum surface reflection and three height variations, the set provides exciting opportunities for magical groupings. $65.95 Waiter Wine Bottle Holder Give your wine bottles the four-star treatment with this handmade copper and recycled steel caddy. $69.95 Standing Brass Thermometer Crafted in Vermont of brass and glass this standing thermometer is easy-to-read and easy-on-the-budget. $52.95 Customer Service | Shipping Information | Gift Certificates | Corporate Gifts Guarantee | Privacy Policy | Become An Affiliate | About Us Order Securely Online or Call Toll Free 800-922-9463 © 2005 Wind & Weather Powered by Warp 9, Inc.

Gift Taxes If you

Estate and Gift Taxes Home | Accessibility | Tax Stats | About IRS | Careers | FOIA | The Newsroom | Site Map | Español | Help Search for... within: IRS Site Forms & Publications Advanced Search Tips for successful searching Home Businesses Charities & Non-Profits Corporations International Businesses Partnerships Small Bus/Self-Employed Farmers Industries/Professions International Taxpayers Small Business Workshop Small Business Products Online Classroom Partners & Stakeholders Join Mailing List State Links Electronic Services More Topics . . Compliance & Enforcement Contact My Local Office e-file Forms and Publications Frequently Asked Questions Taxpayer Advocate Where To File Estate and Gift Taxes If you give someone money or property during your life, you may be subject to federal gift tax. The money and property you own when you die (your estate) may be subject to federal estate tax. The purpose of this web page is to give you a general understanding of when these taxes apply and when they do not. It explains how much money or property you can give away during your lifetime or leave to your heirs at your death before any tax will be owed. News and Events: Federal Transfer Certificates (International) Estate and Gift has received many questions about Federal Transfer Certificates (regarding international issues). For instructions about obtaining  transfer certificates, contact: I.R.S. Estate Tax Group 1114 International Programs SBSE; SE:S:SP:IN:T1 1111 Constitution Ave., N.W.; LE-4435 Washington, DC 20224.   For questions about transfer certificates or about the estate and gift taxation of nonresidents of the United States, use (202) 874-1660.  For all other estate and gift taxation questions, use (800) 829-1040. The annual exclusion for gifts made in 2004 and 2005 will remain at $11,000. Form 706 for dates of death occurring in 2004 is now available.  The instructions (which include rate schedules) may be found at the "Forms and Publications" link, below. There are few significant changes to Form 706 from the 2002 version.  The one change that will impact all filers is the reduction in the allowable State Death Tax Credit to 50% of the amount computed under IRC §2011(b).  Note :  The credit is repealed for decedents dying in 2005 and later years. NOTE regarding Extensions of Time to File/Pay U.S. Estate Tax (Form 4768, Forms and Publications link, below).  Some errors are being made regarding completion and filing of this form.  Be sure to file the second page and to fill in the decedent's name and social security number. Important information for Form 709/709A: Time for filing clarification :  Page 4 of the instructions for Form 709 states (Under When to File ) that "...you must file the 2003 Form 709 on or after January 1...).  It may not be clear, but this means that returns should not be filed until January 1 through the due date of the year following the year in which the gift is made.  In other words, any gifts made in 2004 will not be due (and cannot be processed) until after December 31, 2004.  Individuals who make certain qualifying gifts are required to file Form 709, United States Gift Tax Return.   The 2003 version and instructions are now available at the "Forms and Publications" link, below. Notice - Form 709-A is Now Obsolete. Form 709-A, United States Short Form Gift Tax Return, is now obsolete and should not be filed. All gift tax returns must now be filed using Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return . -- 21-OCT-2003. In other news:  Form 709 has been modified for the 2004 filing season (for gifts made in 2003).  Click "Forms and Publications" below for the new form and instructions (which includes the rate schedule). If you are filing a request for an extension of time to file an estate or gift tax return, remember that the request must go to the Cincinnati Service Center (see the address, below), even if you file your income or other tax returns elsewhere. Links Introduction Estate Tax Gift Tax 2002 Tax Changes Frequently Asked Questions Forms and Publications Related Links Where to File and Contact Information Disaster Assistance Links FEMA  (Federal Emergency Management Agency) SBA  (Small Business Administration) Estate and Gift Taxes Introduction No Tax Owed Most gifts are not subject to the gift tax and most estates are not subject to the estate tax. (Only about 2% of all estates are subject to the estate tax). For example, there is usually no tax if you make a gift to your spouse or a qualified charity or if your estate goes to your spouse or qualified charity at your death. If you make a gift to someone else, the gift tax does not apply until the value of the gifts you give that person is more than the annual exclusion for the year.  Even if tax applies to your gifts or your estate, it may be eliminated by the Unified Credit , refer to Publication 950 , Introduction to Estate and Gift Taxes. No Return Needed Generally, you do not need to file a gift tax return unless you give someone, other than your spouse, money or property worth more than the annual exclusion ($11,000 in 2002, 2003, 2004 and 2005) for that year. Although a return may be required, no actual gift tax will become payable until the cumulative lifetime taxable gifts exceed the applicable exclusion amount. The donor is primarily responsible for the payment of the Gift Tax.  An estate tax return generally will not be needed unless the estate is worth more than the applicable exclusion amount ($1,000,000 for 2002) for the year of death. This amount is shown in the section under Unified Credit .  To reemphasize:  Most relatively simple estates (cash, publicly traded securities, small amounts of other, easily valued assets and no special deductions or elections or jointly held property) with a total value under $1,000,000 and a date of death in 2002 or 2003 and $1,500,000 and a date of death in 2004 or 2005 do not require the filing of an estate tax return. No Tax on the Person Receiving your Gift or Estate The person who receives your gift or your estate generally will not have to pay any gift tax or estate tax because of it. In addition, that person will not have to pay income tax on the value of the gift or inheritance received. NOTE: There are some technical applications for "Income in Respect of Decedent" under §691 that will have to be considered for income earned but not otherwise taxed prior to the date of death. No Income Tax Deduction Making a gift or leaving your estate to your heirs does not ordinarily affect your federal income tax. You cannot deduct the value of gifts you make (other than gifts that are deductible charitable contributions). If you are not sure whether the gift tax or the estate tax applies to your situation, refer to Publication 950 , Introduction to Estate and Gift Taxes. Unified Credit A credit is an amount that eliminates or reduces tax. The unified credit applies to both the gift tax and the estate tax. You must subtract the unified credit from any gift tax that you owe. Any unified credit you use against your gift tax in one year reduces the amount of credit that you can use against your gift tax in a later year. The total amount used against your gift tax reduces the credit available to use against your estate tax. In 2001, the unified credit was $220,550, which eliminated taxes on a total of $675,000 (applicable exclusion amount) of taxable gifts and taxable estate. These amounts were increased for gifts made, and for estates of decedents dying, after 2001. The following shows the unified credit and the applicable exclusion amount for the calendar year in which a gift is made or a decedent dies. For Gift Tax Purposes in years 2002 and 2003 the Unified Credit is $345,800, the Applicable Exclusion Amount is $1,000,000. For Estate Tax Purposes in years 2002 and 2003 the Unified Credit is $345,800 and the Applicable Exclusion Amount is $1,000,000. For Gift Tax Purposes in years 2004 and 2005 the Unified Credit is $345,800, the Applicable Exclusion Amount is $1,000,000. For Estate Tax Purposes in years 2004 and 2005 the Unified Credit is $555,800 and the Applicable Exclusion Amount is $1,500,000. For Gift Tax Purposes in years 2006, 2007 and 2008 the Unified Credit is $345,800, the Applicable Exclusion Amount is $1,000,000. For Estate Tax Purposes in years 2006, 2007 and 2008 the Unified Credit is $780,800 and the Applicable Exclusion Amount is $2,000,000. For Gift Tax Purposes in year 2009 the Unified Credit is $345,800, the Applicable Exclusion Amount is $1,000,000. For Estate Tax Purposes in year 2009 the Unified Credit is $1,455,800 and the Applicable Exclusion Amount is $3,500,000. Estate Tax Estate tax may apply to your taxable estate at your death. Your taxable estate is your gross estate less allowable deductions. Gross Estate Your gross estate includes the value of all property in which you had an interest at the time of death. Your gross estate also will include the following. Life insurance proceeds payable to your estate or, if you owned the policy, to your heirs. The value of certain annuities payable to your estate or your heirs. The value of certain property you transferred within 3 years before your death. Trusts or other interests established by you or others in which you have certain powers. Taxable Estate The allowable deductions used in determining your taxable estate include: 1) Funeral expenses paid out of your estate, 2) Debts you owed at the time of death, and 3) The marital deduction (generally, the value of the property that passes from your estate to your surviving spouse). For additional information, refer to Instructions for Form 706 . Gift Tax The gift tax applies to the transfer by gift of any property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced interest loan, you may be making a gift. The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts. Gifts that are not more than the annual exclusion for the calendar year. Tuition or medical expenses you pay for someone (the educational and medical exclusions). Gifts to your spouse. Gifts to a political organization for its use. Gifts to qualified charities (a deduction is available for these amounts). Annual Exclusion A separate annual exclusion applies to each person to whom you make a gift. For 2002, 2003, 2004 and 2005, the annual exclusion is $11,000. Therefore, you generally can give up to $11,000 each to any number of people in 2002, 2003, 2004 and 2005 and none of the gifts will be taxable. If you are married, both you and your spouse can separately give up to $11,000 to the same person in 2002, 2003, 2004 or 2005 without making a taxable gift. If one of you gives more than $11,000 to a person in any one of  these years, refer to gift splitting in Publication 950 , Introduction to Estate and Gift Taxes. Gifts to individuals are not deductible on the donor's income tax returns. Related Links Legal Information Institute Thomas.gov (Legislative Information Site) Where to File and Contact Information Use the below mailing address for all tax forms filed at the Cincinnati Service Center including Estate and Gift tax returns: Internal Revenue Service Cincinnati, OH 45999 To mail FedEx packages, please use the following street address: Internal Revenue Service 201 W. Rivercenter Blvd Covington, KY 41011 For questions about return accounts and extensions only, (no tax law questions) call: 1-866-699-4083. Many general estate and gift tax law questions can still be answered by calling: 1-800-829-1040.  You may also find many answers to your questions by visiting Forms and Publications . Caution: DO NOT submit tax related questions below. If you have a tax question that was not answered here or by checking Frequently Asked Questions, above, please call our toll-free tax assistance line at 1-800-829-1040 for individual tax questions or 1-800-829-4933 for business tax questions. We will not respond to tax related inquiries submitted on this page. If you have suggestions or comments (or suggested FAQs) for the Estate and Gift Tax web site, please contact us by clicking here:  CONTACT ESTATE AND GIFT TAX .  We will not be able to respond to your email , but will consider it when making improvements or additions to this site. Contact Us | IRS Privacy Policy