Ways to Give
Gifts of Stock
Current tax laws make it possible for you to make a charitable gift of
stock at a remarkably low after-tax cost. This tax savings is achieved in
two ways. First, you pay no capital gains tax upon the transfer of stock to
us. Second, you receive an income tax charitable deduction for the full fair
market value of the stock on the date of the gift (assuming you have held
the stock for longer than twelve months).
There are three commonly used methods for delivering a stock to BRCC:
- If you are delivering the stock to us through a broker, instruct
your broker to hold the stock for our account; do not instruct your
broker to sell the stock, either in your name or in our name, as this
may affect capital gains tax liability. The date your broker transfers
the stock into our account controls the valuing of the gift. Your broker
should contact: First Union Securities - DTC #141 A. Wesley Graves, VI -
Branch Manager (or Ann Ring - Operations Manager) 540-434-9926
1-800-879-9926 BRCC Educational Foundation, Inc. Account # HA03
1611-1731 Your broker should notify Mr. Graves or Ms. Ring to provide to
BRCC your name, any restrictions on the use of the gift, and the
expected date of transfer. To further eliminate any errors in crediting
your gift, it is important for you to notify the BRCC Educational
Foundation Office at 453-2211 or 1-888-750-2722 ext. 2211 to describe
the gift (# of shares of XYZ Company), provide the date of transfer and
any restrictions on the use of the gift.
- If you are delivering the stock by hand, you can either endorse the
back of the stock certificate(s) in our presence or sign a separate
stock assignment form, which is often called a stock power. If you
cannot or do not wish to deliver the stock to us by hand at our office,
we will arrange to meet with you at your home or office. The date of
physical delivery to us controls the valuing of the gift.
- If you are delivering the stock by mail, we recommend that you send
the stock certificate(s) and the signed stock power(s) in separate
envelopes. We further recommend that the stock certificate(s) be sent by
registered or certified mail, return receipt requested. Please enclose a
cover letter providing your name, address, and telephone number along
with any designated purpose for which the gift is being made. We will
need a separate stock power form for each certificate of stock; be sure
to sign the stock power(s) exactly as the name reads on the stock
certificate. Do not fill in our name on the stock power. Stock power
forms are available from your banker or broker. The date of the postmark
controls the valuing of the gift, assuming the certificate(s) and stock
power(s) are received in due course.
For stock regularly traded on a stock exchange, the charitable deduction
is determined by using the average between the high and the low price on the
date of the gift.
If you would like to make a donation or desire further information,
please contact:
Amy Laser Kiger, CFRE, Director of Development
BRCC Educational Foundation, Inc.
Post Office Box 80
Weyers Cave, Virginia 24486-0080
Local Exchanges: (540) 234-9261/ (540) 213-7002/ (540) 943-7002, ext. 2211
VA toll-free 1-888-750-2722, ext. 2211
KigerA@brcc.edu
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