Frequently Asked Questions
The Wharton Fund
Wharton’s Fiscal Year is July 1–June 30.
Why is it important to support The Wharton Fund?
How is Wharton Fund support used?
What is the Benjamin Franklin Society?
Who benefits from gifts to The Wharton Fund?
Why do gifts of all sizes matter?
Why is unrestricted giving important?
Why did I receive a request for support from another University of Pennsylvania school or center as well as a request from The Wharton Fund?
How will my gift to Wharton also benefit the University?
I am giving from outside the U.S., how can I give?
Canada | Europe | Hong Kong | Israel | Mexico | United Kingdom |
What Can You Give?
Wharton’s Fiscal Year is July 1–June 30.
Gifts of Cash
Strategy Tip:
If you come to the end of a calendar year and determine that you will have a greater income that year than expected, a charitable gift made by credit card is one way to accelerate a deduction into one calendar year and actually pay for the gift in the following year.
Appreciated Securities
The transfer of stock from a donor to Wharton is a fairly simple transaction. Morgan Stanley serves as the University’s main brokerage firm. The donor will need to work directly with his or her broker to initiate a transfer of stock to The Wharton School. If the donor holds certificates, it is best if those certificates remain unendorsed and the donor completes a separate stock power form authorizing transfer of ownership from the donor to Wharton. Remember to notify the Office of Gift Planning at 215.898.6171 and the University’s Treasurer’s Office at 215.898.7254 when transferring securities.
Strategy Tip:
If a donor wishes to maintain stock holdings in a specific company, it may make sense to give appreciated shares to Wharton and then buy an equivalent number of shares with cash, thus establishing a new, higher cost basis.
Retirement Assets
However, careful planning for the disposition of retirement plan assets can help to avoid undesirable tax costs. Naming Wharton as the beneficiary of a retirement plan will reduce the size of a taxable estate and avoid income taxation on those funds. In certain situations, a charitable gift of a retirement account can improve the donor’s overall tax consequences, increase the amounts passing to heirs, and escape income and estate taxes.
Strategy Tip:
A simple form from the manager of the retirement fund is all that is required to name the Wharton School as a beneficiary.
Gifts of Real Estate
The donor must submit a copy of a qualified appraisal with his/her income tax return for the year of the gift. Also, IRS Form 8283 must be submitted and signed by Wharton acknowledging receipt of the gift. The University of Pennsylvania carefully examines each piece of real estate prior to its acceptance as a gift in order to ensure its usefulness to the University.
Strategy Tip:
Real estate gifts take a number of steps to complete. Contact the Wharton early in your planning to facilitate the efficient gathering of information.
Life Insurance
Donating a fully paid-up life insurance policy naming Wharton as irrevocable owner and beneficiary entitles the donor to a charitable income tax deduction for the cash surrender value of the policy. Naming Wharton as beneficiary, without changing ownership of the policy, does not generate an income tax deduction, but it is eligible for the estate tax charitable deduction.
Gifts of Personal Property
If the property is valued at more than $5,000, the donor must obtain a qualified appraisal and file IRS Form 8283 with his/her income tax return. Penn must also sign Form 8283 indicating receipt of the gift. If the property is valued at more than $500 but less than $5,000, an appraisal is not required but Form 8283 must still be completed and submitted with the donor’s income tax return.
Strategy Tip:
The cost of obtaining a qualified appraisal for a gift of personal property may be a deductible miscellaneous expense for income tax purposes, subject to IRS limitations.
Ways to Give
Wharton’s Fiscal Year is July 1–June 30.
Give Online
Give by Phone
Give by Mail
FMC Tower
Suite 500
2929 Walnut Street
Philadelphia, PA 19104
Make checks payable to
“The Trustees of the University of Pennsylvania”
Matching Gifts
- Bank of America
- Deloitte & Touche LLP
- Exxon Mobil
- Goldman Sachs
- IBM
- Microsoft
- PricewaterhouseCoopers
- Wells Fargo
And many more
For more information concerning the Matching Gifts Program, you can call +1.215.898.5069 or contact devgifts@dev.upenn.edu.
Giving from Outside the U.S.
Canada | Europe | Hong Kong | Israel | Mexico | United Kingdom |
Need further assistance in making your gift?
Please contact our Gifts Accounting Manager Philomena Rhoades at +1.215.746.2099 or email The Wharton Fund at whartonfund@wharton.upenn.edu.