The Village of Mahomet opened a brokerage account with TD Ameritrade in order to receive donations.
The request was initiated by Bill and Lisa Piethmann, who donated $75,000 towards naming rights of the Barber Park Splash pad. Mahomet Parks and Recreation Director Dan Waldinger said that other entities have also stated interest in making donations in this manner.
By donating in this fashion, allows the Village to covert the assets to cash without taking a hit from taxes. Organizational accounts with TD Ameritrade do not have minimum balance requirements or monthly fees.
At this time, Robert Kouzmanoff, the Village Finance and Human Resource Director serves as the authorized agent for the account with Patrick Brown, Village Administrator, serves as the control person. Should either party leave the Village staff, the board would have to designate replacements.
The Village staff said the proposed brokerage account will not be used for the purpose of investing
or holding non-cash assets. The intended purpose is simply to accept the non-cash donation
and convert it to cash in order to be used for its intended purpose.
Staff intends to keep the brokerage account open for future fundraising efforts and to facilitate future gifts of a non-cash nature.
