AN EXCELLENT SOURCE OF CHARITABLE GIFTS
Stocks, bonds, mutual funds, and other securities that you have owned for more than one year not only make convenient gifts, but can provide you with welcome tax benefits as well. If you own securities that have increased in value since the time of purchase, and if you have held them long-term, you may find it advantageous to give them to charity. Your outright gift of long-term, appreciated securities is exempt from capital gains taxes and, if you itemize, enables you to claim a charitable income tax deduction equal to the full fair market value of the securities at the time of transfer. For gifts of securities, your gift is fully deductible for up to 30 percent of your adjusted gross income, and like gifts of cash, may be carried forward for up to five years.
THE PROCESS
- Stock Gift (stock held in street name) – If you do not have physical possession and your broker has the securities in street name, then you and your broker can transfer the stock electronically through DTC instructions to our account. You need to instruct your broker to transfer the appropriate number of shares to: Mennonite Brethren Foundation Account #6231-0792 at Charles Schwab & Co. Inc., DTC #0164-40. Your broker will be familiar with these transfer instructions. Your broker may have a preferred authorization form. Once you have authorized your broker to transfer the stock, please tell us the corporate name of the stock and number of shares being transferred.
- Stock Gift (stock certificate) – If you have physical possession of the stock certificates, you should send the certificates (unendorsed) and signed stock powers to our office. Please contact us for the correct forms preferred by our broker.
- Mutual Fund Gift – Your broker or mutual fund company (depending on where your fund is held) can typically transfer the mutual fund electronically to our account. You need to instruct your broker or agent to transfer the appropriate number of shares to: Mennonite Brethren Foundation, Account #6231-0792 at Charles Schwab & Co. Not all mutual funds can be transferred to our Schwab account. If this is the case, we can make special arrangements directly with your broker. Contact us for assistance. Once a gift is initiated, please tell us the name of the fund and the number of shares transferred so we can handle the gift properly.
PROFESSIONAL ASSISTANCE
The staff of MB Foundation is experienced and qualified to discuss this gift option with you. If you or your broker have any questions, please contact us. This is an excellent tool to assist you in Giving Meaning to Money®!