|
Donating appreciated
securities to the organization is simple:
1. Please contact Ma Jyotirmayananda at 626-716-4135 for
collecting the stock transfer information needed to process
the transfer.
2. If your securities are held "in street name"
with your broker, you only need to send your broker a
letter of authorization to transfer (not sell) shares
of specific stock(s) to the non-profit's main brokerage
account. Your instructions should specify your account
number; the date by which you wish to complete the gift,
the name and number of shares you would like to donate;
and provide the stock transfer information.
3. If you are transferring stock from a joint account,
both account owners must sign the letter. You can contribute
stock from several companies held within the same account.
4. Please send a copy of this letter to Ma Jyotirmayananda,
Chief accountant, Vedic Temple, 9720 Central Ave, Montclair, CA 91763. or fax 413-812-8291 or email:
accounts@dhyanapeetamhindutemple.org
5. Please, check with your broker soon after sending the
letter to ensure that the transfer is complete, especially
if you initiate this gift shortly before December 31.
Year-end Considerations
Because of their complexity, securities gifts are best
made by December 15.
Tax Advantages
Donating appreciated securities gives you distinct tax
advantages.
If you own publicly traded stocks or bonds that have appreciated
in value and are long-term in nature (owned for more than
12 months), you may want to consider the income tax benefits
of giving securities over cash:
Here's how it works:
|
Gift of Stock
|
|
Gift of Cash
|
| $3,000 |
(current value) |
$3,000 |
| 1,000 |
(basis-your cost) |
|
| 3,000 |
(tax deduction) |
3,000 |
| 1,080 |
(tax savings @ 36%) |
1,080 |
| 400 |
(capital gains tax savings*) |
|
| 1,480 |
(total tax savings) |
1,080 |
| 1,520 |
(your gift cost) |
1,920 |
*$2,000 gain @ 20% capital gains tax. When you donate appreciated
securities, you owe no capital gains tax on the appreciation.
What about stocks
that have dropped in value?
If you own stock which has dropped in value,
below your cost, consider selling this asset instead, and
donating the proceeds. By selling the asset and then making
a gift, you will be able to claim a capital loss deduction
on your income tax return, and also claim an income tax
deduction for your charitable gift. |
Inauguration