DONAting assEtS
When making a charitable gift, you have several alternatives in addition to giving cash. Options for gifts include:
- Publicly Traded Stock - While your checkbook may be the usual means for making gifts, for many people a gift of securities makes good sense. Stocks you have owned for more than a year may be more valuable today and are subject to capital gains tax on the increased value if you sell the stock. When you give that stock to charity, however, you pay no tax on the gain and receive an income tax deduction for the full fair market value of the stock. See "3 Easy Steps" below.
- Mutual Funds - You may give mutual funds to the Peninsula Community Foundation of Virginia. To learn more about this giving option, please contact the Foundation.
- Real Estate - For most people, one of their greatest assets is real estate, which has appreciated rapidly in recent years. Similar to appreciated stock, when you give real estate that is more valuable today than when you acquired it, your tax deduction is the present market value and there is no tax on the gain. If you are thinking about giving real estate, please allow adequate time to complete the transfer, subject to review and acceptance by the Foundation.
- Life Insurance - If you have paid-in-full life insurance policies originally intended to protect your family while you acquired sufficient assets and raised your children and they have accomplished their purpose, making the Peninsula Community Foundation of Virginia the owner and beneficiary of them may make sense. This can provide an income tax deduction to you and a great gift to support your favorite causes. Whether you decide to support specific nonprofit organizations or create a scholarship fund to help students, the Foundation will provide ongoing stewardship to ensure your wishes are fulfilled
Donating Stock in 3 Easy Steps:
Step 1: Initiate the Transfer.
Contact your broker and request a transfer of stock to our organization. You will need the following details:
Delivery to DTC Clearing 0164, Code 40
Charles Schwab & Co., Inc.
RE: Peninsula Community Foundation
Schwab Account #:6538-0366
Step 2: Notify Us of Your Gift
Once the transfer is initiated, please notify us to ensure proper acknowledgment and tracking. Send an email to [email protected] with:
Step 3: Receive Your Acknowledgment
Once we receive the stock donation, we will send you an acknowledgment letter for your records and tax purposes. The IRS considers the gift value as the stock’s fair market value on the date of the transfer.
Step 1: Initiate the Transfer.
Contact your broker and request a transfer of stock to our organization. You will need the following details:
Delivery to DTC Clearing 0164, Code 40
Charles Schwab & Co., Inc.
RE: Peninsula Community Foundation
Schwab Account #:6538-0366
Step 2: Notify Us of Your Gift
Once the transfer is initiated, please notify us to ensure proper acknowledgment and tracking. Send an email to [email protected] with:
- Your name and contact information
- Name of the stock and number of shares donated
- Date of the transfer
- Estimated value of the gift
Step 3: Receive Your Acknowledgment
Once we receive the stock donation, we will send you an acknowledgment letter for your records and tax purposes. The IRS considers the gift value as the stock’s fair market value on the date of the transfer.
