TORRANCE TRIBUNE December 27, 2012 Page 3 El Camino College IRS Offers Tips for Year-End Giving Superintendent/President to Retire Courtesy of RemindeRs the Internal Revenue Service To help taxpayers plan their holiday-season Courtesy of El Camino College past six years, enrollment has more than Individuals and businesses making and year-end giving, the IRS offers the El Camino College Superintendent/President doubled, and several programs designed to contributions to charity should keep in mind following additional reminders: Thomas M. Fallo announced at the Board of boost student success have been established. some key tax provisions that have taken effect • Contributions are deductible in the year Trustees’ November 20 meeting that he plans From 2010-12, Fallo led a comprehensive in recent years, especially those affecting made. Thus, donations charged to a credit to retire June 30, 2013. Fallo’s announcement redistricting program that modified trustee donations of clothing and household items card before the end of 2012 count for 2012. comes after 21 years of service at the South area boundaries and changed the college’s and monetary donations. This is true even if the credit card bill isn’t Bay college. system from “at- large” to “by-trustee Rules foR Clothing and paid until 2013. Also, checks count for 2012 An alumnus of El Camino College, Fallo area” elections. The redistricting process household items as long as they are mailed in 2012. has been a dedicated supporter of community included establishing a community-based To be deductible, clothing and household • Check that the organization is qualified. college education throughout his entire items donated to charity generally must be in Only donations to qualified organizations are career. Contributing to the success of the good used condition or better. A clothing or tax-deductible. Exempt Organization Select college is Fallo’s commitment to support household item for which a taxpayer claims Check , a searchable online database available student-centered leadership, a management a deduction of over $500 does not have to on IRS.gov, lists most organizations that are style that affects every decision he makes meet this standard if the taxpayer includes qualified to receive deductible contributions. at the college. a qualified appraisal of the item with the In addition, churches, synagogues, temples, Fallo became El Camino College’s fifth president when he took office in July 1995, following a stint as ECC vice president, “For individuals, only taxpayers who administrative services, in 1991. His itemize their deductions on Form 1040 Schedule A can presidency has focused on the college’s claim deductions for charitable contributions.” fiscal future, while guiding the Torrance-area campus through a period of unprecedented growth and progress. As the ECC president return. Household items include furniture, mosques and government agencies are eligible with the second-longest tenure, Fallo is also furnishings, electronics, appliances and linens. to receive deductible donations, even if they widely credited with keeping the college guidelines foR are not listed in the database. solvent and successful during challenging monetaRy donations • For individuals, only taxpayers who itemize economic times. Superintendent/President Thomas M. Fallo. To deduct any charitable donation of money, their deductions on Form 1040 Schedule A can During his tenure, Fallo has hired 219 full- Boundary Review Committee to guide the regardless of amount, a taxpayer must have a claim deductions for charitable contributions. time faculty members at El Camino College effort, which utilized 2010 census data to bank record or a written communication from This deduction is not available to individuals and 24 faculty at El Camino College Compton ensure each area was representative of the the charity showing the name of the charity who choose the standard deduction, including Center, adding a total of 243 educators to the District’s constituents. Public forums and and the date and amount of the contribution. anyone who files a short form (Form 1040A). academic community. As president, he has interactive online maps were also part of Bank records include canceled checks, bank A taxpayer will have a tax savings only if the also celebrated student success with more the program. or credit union statements, and credit card total itemized deductions (mortgage interest, than 25,000 students earning degrees and Fallo’s presidency also propelled the statements. Bank or credit union statements charitable contributions, state and local taxes, certificates through the years. incredible growth of the El Camino College should show the name of the charity, the date, etc.) exceed the standard deduction. Use the Under Fallo’s leadership, the El Camino Foundation, which was just a little more than and the amount paid. Credit card statements 2012 Form 1040 Schedule A to determine Community College District sought and 10 years old when Fallo became president. should show the name of the charity, the date, whether itemizing is better than claiming the obtained voter approval for two facilities bond He established the President’s Circle, a and the transaction posting date. standard deduction. measures to fund a much-needed campus group whose key purpose is to support the Donations of money include those made in • For all donations of property, including modernization program, including classroom college’s academic programs; the President’s cash or by check, electronic funds transfer, clothing and household items, get from the upgrades, instructional equipment updates, Breakfast, an annual meeting designed to credit card and payroll deduction. For payroll charity, if possible, a receipt that includes the and critical health and safety repairs. increase communication between the college deductions, the taxpayer should retain a pay name of the charity, date of the contribution, The college’s first-ever bond measure was and area high schools; and the student Book stub, a Form W-2 wage statement or other and a reasonably-detailed description of the a $394 million facility and equipment bond Fund, which offers students assistance with document furnished by the employer showing donated property. If a donation is left at a that passed in 2002, still the largest successful the rising cost of textbooks. Another important the total amount withheld for charity, along with charity’s unattended drop site, keep a written bond for a single-campus community college component of the ECC Foundation is the the pledge card showing the name of the charity. record of the donation that includes this district. A second bond measure for $350 newly established annual Scholarship program, These requirements for the deduction of information, as well as the fair market value million was approved by voters last month. where more than $600,000 in scholarships monetary donations do not change the long- of the property at the time of the donation At $744 million, the combined total equals will be distributed in amounts from $500 to standing requirement that a taxpayer obtain and the method used to determine that value. the largest facilities bond program for a $4,000 throughout the current academic year an acknowledgment from a charity for each Additional rules apply for a contribution of single-campus community college district. to about 425 outstanding students. deductible donation (either money or property) $250 or more. Voters expressed confidence in the college Before becoming president at ECC, Fallo of $250 or more. However, one statement • The deduction for a motor vehicle, boat when asked to support these measures, served as vice president, administrative containing all of the required information or airplane donated to charity is usually approving them with an overwhelming 61 services at El Camino College. He held a may meet both requirements. See IRS, page 7 percent and 68.2 percent of the vote in 2002 similar position at Glendale Community and 2012, respectively. College, and also served as vice chancellor, Put the strength andbusiness services, and as chancellor for theExtensive renovations to several buildings are already complete, and by his retirement, Los Angeles Community College District stability of a well- as a new entrance to campus off of Redondo Fallo holds a doctorate in educational to work for you.stability of a well-administrative team.established lenderPut the strength andbefore joining the El Camino College Fallo will have seen the opening of two completely new instructional buildings, as well Beach Boulevard with a new 1,230-space administration from Pepperdine University; established lender parking structure; a central plant which an M.B.A. in business management from Finance your home purchase with Wells Fargo Home Mortgage saves the college $100,000 in annual energy UCLA; and a bachelor’s degree in economics, Rely on to work for you.our commitment to helping as many customers as costs; and a new Learning Resource Center. also from UCLA. possible enjoy the benefits of homeownership. This spring, he will participate in the grand He is president of California Manufacturing Finance your home purchase with Wells Fargo Home Mortgageus to work closely with you to explore and explainExpectFinance your home purchase with Wells Fargo Home Mortgage opening of the new Math Business Allied Technology Consulting, the Statewide Finance your home purchase with Wells Fargo Home Mortgageour commitment to helping as many customers asour commitment to helping as many customers asRely onoptions for your budget and goals.Rely on Health (MBA) Building, and groundbreakings Association of Community Colleges JPA, Rely onwe work hard to help customers stay in their homespossible enjoy the benefits of homeownership. for a new Shops Building and a new the Schools Association for Excess Risk, options for your budget and goals.us to work closely with you to explore and explainin times of financial difficulty.Expectpossible enjoy the benefits of homeownership.Expect Science Technology Engineering and Math and Intelecom, and is a past president of Shop With Reassuranceus to work closely with you to explore and explainwe work hard to help customers stay in their homesoptions for your budget and goals.ExpectKnowoptions for your budget and goals. (STEM) Center. the Association of California Community in times of financial difficulty.we work hard to help customers stay in their homesKnow Fallo also led a historic partnership with College Administrators and the Association Shop With Reassurance Buyer® preapproval.Priority1 we work hard to help customers stay in their homesin times of financial difficulty.Knowin times of financial difficulty.uncertainty with our solid in August 2006 when the former Compton Among other awards, Fallo has been uncertainty with our solidPriorityBuyer® preapproval.1Shop With ReassuranceMake a standout bid on the home you want and easeContact Wells Fargo Home Mortgage today.Make a standout bid on the home you want and easeof Chief Business Officers.Shop With Reassurance the Compton Community College District College had its accreditation revoked. The honored as the prestigious Pacesetter of the uncertainty with our solidPriorityBuyer® preapproval.1Liz WordenMake a standout bid on the home you want and ease1preapproval.Buyer®Priorityuncertainty with our solid agreement between the El Camino and Year, awarded by the National Council for Contact Wells Fargo Home Mortgage today.310-265-9574Home Mortgage ConsultantPhone:Contact Wells Fargo Home Mortgage today. Compton districts certainly had challenges, but Marketing & Public Relations, recognizing 310-487-8957 Cell: Contact Wells Fargo Home Mortgage today.Liz Worden it was the dedication to student achievement outstanding leadership of chief executive Home Mortgage ConsultantLiz Worden27440 Hawthorne Blvd. that led to the completion of the agreement. officers at two-year community, junior or Phone: 310-265-9574CA 90274,310-265-9574Liz WordenHome Mortgage ConsultantRolling Hills EstatesPhone:http://www.wfhm.com/elizabeth-wordenHome Mortgage Consultant Fallo always believed it was El Camino technical colleges. 27440 Hawthorne Blvd.310-487-8957elizabeth.worden@wellsfargo.comCell: College’s responsibility to assist the struggling As CEO of one of the largest single- Cell: 310-487-8957 , CA 9027447606427440 Hawthorne Blvd.NMLSR ID neighboring college, which aligns precisely campus, two-year colleges in the nation, elizabeth.worden@wellsfargo.com90274CA,http://www.wfhm.com/elizabeth-worden90274CA,Rolling Hills EstatesRolling Hills Estateshttp://www.wfhm.com/elizabeth-worden with his philosophy of student-centered Fallo oversees 1,300 employees, more than NMLSR ID 476064elizabeth.worden@wellsfargo.comhttp://www.wfhm.com/elizabeth-worden leadership and the overriding goal of helping 25,000 students, and an annual budget of 1. A PriorityBuyer preapproval is based on our preliminary review of credit476064476064elizabeth.worden@wellsfargo.comNMLSR ID® NMLSR ID students succeed. nearly $430 million. El Camino College commitment upon verif cation of application information, satisfying alliinformation only and is not a commitment to lend. We will be able to offer a loan Through the partnership, El Camino proudly offers 87 degree programs and appraisal and title report. Not available on nonconforming products or for certainunderwriting requirements and conditions, and providing an acceptable property, College Compton Center receives accredited 89 certificate programs, in addition to a 1. A PriorityBuyer® preapproval is based on our preliminary review of credit preapproval is based on our preliminary review of creditBuyerPriority1. AFHA transactions.® information only and is not a commitment to lend. We will be able to offer a loanCredit is subject to approval. Some restrictions apply. This information is accurate instructional and related support, in addition wide variety of activities and support 1. A PriorityBuyer preapproval is based on our preliminary review of creditiicommitment upon verif cation of application information, satisfying allinformation only and is not a commitment to lend. We will be able to offer a loan® as of date of printing and is subject to change without notice.underwriting requirements and conditions, and providing an acceptable property,commitment upon verif cation of application information, satisfying allinformation only and is not a commitment to lend. We will be able to offer a loan to administrative services, to meet the needs services to nearly 533,000 district residents appraisal and title report. Not available on nonconforming products or for certainiunderwriting requirements and conditions, and providing an acceptable property,Fargo Bank, N.A. All rights reserved. NMLSR ID 399801.commitment upon verif cation of application information, satisfying allFHA transactions. of ECC Compton Center students. In the in nine communities. • FHA transactions.FHA transactions.104206 -underwriting requirements and conditions, and providing an acceptable property,appraisal and title report. Not available on nonconforming products or for certainas of date of printing and is subject to change without notice.Credit is subject to approval. Some restrictions apply. This information is accurateWells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. ©2011 Wellsas of date of printing and is subject to change without notice. Credit is subject to approval. Some restrictions apply. This information is accurate Fargo Bank, N.A. All rights reserved. NMLSR ID 399801. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. ©2011 Wells as of date of printing and is subject to change without notice. 104206 -Fargo Bank, N.A. All rights reserved. NMLSR ID 399801.Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. ©2011 Wells 104206 -Fargo Bank, N.A. All rights reserved. NMLSR ID 399801. 104206 -
Torrance 12_27_12
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